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Markets have opened with a modest risk-off.....>

EGBS
EGBS: Markets have opened with a modest risk-off tone as confidence in Italy
fades ahead of PM Conte speech to parliament and confidence votes in the Senate
and lower house expected later in the day. German 10-yr Bund yield is 1.7bp
lower at 0.40% with yield curve slightly flatter as short-end remains anchored. 
- Italy's PM Conte is scheduled to deliver a speech at 1000GMT Tuesday setting
out the government plan with a confidence vote expected at around 1730GMT. A
vote of confidence is then expected in the lower house as well. 10-yr Bund/BTP
spread is 7.9bp wider at 219.9bps.
- Before the speech/votes in Italy Eurozone final service and composite PMI's
are released with consensus seeing no change from flash estimate of 53.9 and
54.1 respectively.
- There are also a couple of auctions today, with Germany tapping 2 linkers
(Apr-30 & Apr-46) and Austria tapping 2 bonds ( Jul-23 & Feb-28)
- Euribor strip is slightly flatter as well as green and blue contracts rise by
0.5 to 1.5 ticks, while whites are steady to 0.5 tick lower.

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