PMIs have been the big driver for.......>

EGB SUMMARY: PMIs have been the big driver for EGBs today, helping the German

curve to bull flatten and peripheral spreads to tighten. The details of the PMIs

if anything were worse than the disappointing headline prints.

- The afternoon session has seen further upside for BTPs after comments from PM

Conte suggested that the 2020 Budget could be agreed ahead of schedule.

- Bund futures are up 0.37 today at 174.28 with 10y Bund yields down -2.6bp at

-0.382% and Schatz yields down -0.3bp at -0.785%.

- BTP futures are up 0.97 today at 140.09 with 10y yields down -9.5bp at 1.506%

and 2y yields down -6.0bp at -0.92%.

- OAT futures are up 0.33 today at 166.38 with 10y yields down -2.6bp at -0.117%

and 2y yields down -0.5bp at -0.713%.