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BOND SUMMARY

EU data beat. Attention turns to US inflation

FOREX

Greenback Lower for a Fifth Session

EURIBOR

EURIBOR FIX

ITALY DATA

Italian Inflation Edged Higher in Jun

EUROZONE DATA

EZ Flash Inflation Ticked Up in Jul

EUROZONE DATA

EZ GDP Rebounded in Q2

JGBS
JGBS: JGB futures had a look below Tuesday's low in early trade today, but a
negative start for the Nikkei 225 (-0.7% at the break) lent support, resulting
in the contract trading 4 ticks higher at the lunch break.
- Modest curve flattening apparent, with 20 to 40-Year yields marginally lower.
- Focus today falls on 5-Year supply. 5s looks relatively attractive vs. 7s in Z
spread & ASW terms, although 7s offer a much more attractive carry and roll
proposition. Absolute 5-Year yields look rich vs. shorter dated alternatives.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com