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POLAND

NBP Dilemma: Slower Growth or Rising Inflation?

PIPELINE

Daimler Trucks 8Pt on Tap

COPPER TECHS

(H2) Approaching A Key Support

US TSY FUTURES

Post-Claims

BONDS

US and Germany

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  • MONTH END: It should be a non event for Bond extension, albeit some rebalancing flow out of Equities into Govies, but the latter has no connection with Bond extensions.

BARCAP Bonds

  • US TSYS: +0.05yr (small)
  • EU Govies: +0.08yr (small, average)
  • UK Govies: +0.02yr (tiny, non event)

FX: Citi

  • They see USD sell signal present against all currencies.
  • They add that the poor Yen performance may mean foreign investors need to buy JPY to reduce hedges, helping the USD/JPY sell signal to be the strongest among major currencies in October

Equities Citi:

  • On asset rebalancing, their model points to a rotation out of equities and into fixed income this month