Key points of note from J.P.Morgan's latest...>

BONDS: Key points of note from J.P.Morgan's latest European client survey,

conducted yesterday:

- Multi-currency European real money investors in EGBs remain long (at +0.18

years vs. +0.17 years in June). Their current exposure is at the longer end of

the range witnessed since the end of '15.

- Single-currency European real money investors in EGBs also left their long

duration exposure broadly unchanged (+0.49 vs. +0.48 years in June).

- Investors further added to their intra-EMU tightening exposure since the last

survey (from 63% net long to 68% net long). Their current exposure is the most

bullish since mid-'15 but still short of the peak at the start of QE of 80%.

- European multi-currency investors in USD remain long (at +0.06 years, unch. vs

June), while US domestic investors turned neutral (from 4% net short).

- In the UK, single-currency investors in GBP turned small short from neutral

(from -0.01 years in June to -0.06 years). UK real money investors have

typically been short or neutral GBP duration over the past few years.

- N.B. "years" measurement represents deviation from respective benchmarks.