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Late Equity Roundup: Finishing on Weaker Tone


Fails to Sustain Rally

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EGB SUMMARY: It has been a relatively quiet day for EGBs with moves in Bunds
again smaller than in USTs and gilts. The main driver again has been external
with a better than expected US employment report providing downside momentum
before some mixed headlines from Larry Kudlow on trade talks moved fixed income
back higher.
- Bund futures are down -0.05 today at 172.13 with 10y Bund yields up 0.4bp at
-0.292% and Schatz yields unch at -0.630%.
- BTP futures are up 0.30 today at 142.01 with 10y yields down -2.3bp at 1.347%
and 2y yields down -3.1bp at 0.053%.
- OAT futures are down -0.15 today at 164.02 with 10y yields up 0.7bp at 0.028%
and 2y yields down -0.1bp at -0.597%.
- Spreads are largely unch with some tightening of BTP and GGB spreads.

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