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It has been a very quiet morning in....>

BOND SUMMARY: It has been a very quiet morning in fixed income this morning with
some European markets on holiday and UK markets remaining quiet following
Monday's bank holiday and with many market participants out of the office for
half term.
- The main headlines and talking points in markets are surrounding continued
negativity surrounding US-China trade talks but there is a little bit of a
risk-on feel to markets. USTs and Bunds are now trading fairly close to
Tuesday's closing levels with equities having retraced some of yday's losses.
- TY1 futures are down -0-9+ today at 125-10+ with 10y UST yields up 0.4bp at
2.267% and 2y yields unch at 2.110%.
- Bund futures are down -0.13 today at 167.89 with 10y Bund yields up 1.5bp at
-0.165% and Schatz yields up 0.3bp at -0.650%. Peripheral spreads are generally
a little tighter.
- Gilt Sep-19 futures are down -0.08 today at 129.45. Note that today the
contract rolls at first notice. 10y cash yields are up 2.0bp at 0.911% and 2y
yields up 2.3bp at 0.614%.

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