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Mixed session so far for core FI

BOND SUMMARY

Bunds and gilts are on the backfoot this morning but remain within yesterday's range after the early sell-off in European equity futures has been largely reversed. Q3 GDP has been above expectations in each of Germany, France, Italy and Spain this morning, following Lagarde's guidance yesterday that Q3 would likely see some upside surprises. However, Q4 remains a lot more questionable with many Eurozone countries having already announced November lockdowns or expected to announce them in coming days.

  • Elsewhere, there will also be focus on month end rebalancing and the MNI Chicago Business Barometer and Michigan sentiment surveys will both be released.
  • TY1 futures are up 0-2+ today at 138-15+ with 10y UST yields down -0.5bp at 0.819% and 2y yields down -0.2bp at 0.148%.
  • Bund futures are down -0.18 today at 176.13 with 10y Bund yields up 1.0bp at -0.628% and Schatz yields up 0.7bp at -0.805%.
  • Gilt futures are down -0.19 today at 135.98 with 10y yields up 1.1bp at 0.231% and 2y yields down -0.4bp at -0.65%.

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