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EGB SUMMARY: Like gilts and USTs, Bunds are off the highs seen yesterday as
bonds globally have retraced some of their gains. Relative to recent days, moves
have been more muted today.
- BTPs have been the big movers of the day, with Salvini saying that "something
has broken down" in the coalition government in recent months. According to
Corriere della Sera, Salvini has given Conte until Monday to change the cabinet
or the coalition will not survive. This could prompt an election in the second
half of October, possibly very close to Brexit date. 10y BTP-Bund spreads have
widened 7.8bps at the time of writing.
- Bund futures are down -0.30 today at 177.06 with 10y Bund yields up 1.2bp at
-0.571% and Schatz yields up 1.9bp at -0.843%.
- BTP futures are down -1.23 today at 140.25 with 10y yields up 9.0bp at 1.507%
and 2y yields up 4.7bp at 0.015%.
- OAT futures are down -0.40 today at 168.69 with 10y yields up 2.1bp at -0.293%
and 2y yields up 1.9bp at -0.749%.