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Italian BTPs remain the dominant........>

EGB SUMMARY
EGB SUMMARY: Italian BTPs remain the dominant mover among EGBs with newsflow
around the government's budget plans continuing to trigger bouts of volatility.
Two MNI ECB Sources stories published at 14:06BST triggered a brief rally in
EGBs - please contact for more details.
- The German bund curve has flattened with the 2s10s spread trading down to
103.7bps from a high of 106.5bps.
- The short end of the French OAT rallied following the open and then traded
sideways from around 0800BST. The longer end has been choppy with the benchmark
10-year OAT yield trading near the bottom end of the day's range.
- Italian BTPs have sold off since the morning but are now trading closer to the
open. The benchmark 2-year BTP yield trades at 1.235% from a morning low of
1.104%.
- The longer end of the Spanish curve has traded sideways for most of the day
following a volatile start to the session.
- The Euribor futures strip has steepened with greens/blues down 3.5-5.5 ticks.

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