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It has been a risk-off day for..........>

EGB SUMMARY
EGB SUMMARY: It has been a risk-off day for markets while the dovish Fed
decision continues to be fully priced in.
- Bunds are flying, and have outperformed both gilts and USTs today (although
note that much of the move in Treasuries occurred after the Fed yesterday when
cash Bund markets had already closed).
- Markets are also focused once again on Covid-19 with cases beginning to pickup
in some US states, raising concerns that a second peak could potentially be on
the way. US continuing claims fell less than consensus expectations once again
as concerns about the pace of the global economic recovery also weighed on
sentiment. Equity markets have moved lower through most of the day and
peripheral spreads are a little wider in keeping with the risk environment. 
** Latest levels:
* Sep Bund futures (RX) up 143 ticks at 175.24 (L: 174.12 / H: 175.34)
* Sep BTP futures (IK) up 86 ticks at 141.09 (L: 140.26 / H: 141.28)
* Sep OAT futures (OA) up 134 ticks at 166.02 (L: 165.06 / H: 166.09)

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