It has been a strange morning with.....>

BOND SUMMARY: It has been a strange morning with risk starting off on the

backfoot as Covid concerns continued through from yesterday. Core fixed income

moved higher though Asian and early European trading and core fixed income has

remained higher on the day. However, despite Asian equities closing lower on the

day European equities are generally a little higher and US equity futures are

little changed.

- This morning there has been focus on a German constitutional court decision

regarding the ECB (which turned out to be a different case and have no bearing

on the May 5 decision regarding proportionality).

- There has also been focus on a NYT/Siena presidential opinion poll shows Joe

Biden leading President Trump by wide margins in key swing states that Trump won

in 2016.

- TY1 futures are up 0-2 today at 138-30 with Bund futures up 0.21 at 176.22 and

Gilt futures unch at 137.31.