It has been a very puzzling afternoon...>

EGB SUMMARY: It has been a very puzzling afternoon session.

-Despite the constant selling in EU Indices, EGB's have also sold of off today.

-Assets decoupled with very little in terms of correlation across assets.|

-Buns are down some 50 ticks on the day, while Treasuries are still trading in

the green, 12 ticks up on the day.

-This has resulted in a rise in B

-Estoxx are down 2.5% on the day, und, BTP and OAT Yields of circa 3bps.

-In the US, Risk off gains momentum -- Tsys making new highs w/equities falling

to new lows

- DJIA down 415.55 points (-1.56%) at 26573.04

- S&P E-Mini Future down 42.5 points (-1.45%) at 2921

- Nasdaq down 115.4 points (-1.5%) at 7908.685.

-We have not seen these type of flow or colour across the EGBs.

- Bund futures are up 0.34 today at 178.65 with BTP futures up 0.68 at 140.83

and OAT futures up 0.24 at 169.98.