It has been a relatively quiet.........>

BOND SUMMARY: It has been a relatively quiet morning in global bond markets as

another European morning session passes with no top tier data.

- The main focus of the European morning has been politics. The new UK prime

minister is expected to be confirmed at the rather precise time of 11:47BST with

an overwhelming expectation that Boris will be the victor. While in Italy, prime

minister Conte's future remains uncertain with Deputy PMs Salvini and Di Maio

denying that they are to meet to discuss his future today.

- In a busy period for central banks with the ECB on Thurs and the Fed and BoE

both next week, US existing home sales will be watched by the market later

today.

- TY1 futures are down -0-5 today at 127-14 with 10y UST yields up 1.1bp at

2.058% and 2y yields up 1.7bp at 1.830%.

- Bund futures are down -0.08 today at 173.70 with 10y Bund yields up 0.5bp at

-0.343% and Schatz yields up 0.4bp at -0.778%.

- Gilt futures are up 0.06 today at 131.83 with 10y yields down -0.1bp at 0.705%

and 2y yields unch at 0.487%.