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JGB futures have extended their pull back......>

JGBS
JGBS: JGB futures have extended their pull back from yesterday's all-time highs,
-24 ticks last, a touch above worst levels.
- Early cash trade saw light bear steepening after yesterday's aggressive,
potentially cash-led, rally but this has unwound, with yields circa 2.0bp higher
across the curve on the whole.
- A further sell-off in the long end may have been prevented by the latest
15.5-39 Year JGB auction, which saw an uptick in the cover ratio, but that in
itself may have been a product of wider yield spreads vs. the previous auction.
- Local services PPI data was ignored by participants.
- Tomorrow's local docket is empty.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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