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Range-bound data with mildly disappointing data

EGB SUMMARY
  • Bunds have seen a fairly range-bound European session today with futures staying in a 174.42-174.72 range and failing to test either of support or resistance levels we cited earlier (173.74/174.85).
  • Economic data this morning was mildly disappointing with both French business confidence and the German IFO disappointing a little but Belgian business confidence this afternoon was a marginally better than expected.
  • Peripheral spreads have widened in line with the general deterioration in risk sentiment today, with 10y BTP spreads widening 4.1bp on the day.
  • Bund futures are up 0.26 today at 174.47 with 10y Bund yields down -1.1bp at -0.517% and Schatz yields down -0.7bp at -0.716%.
  • BTP futures are down -0.29 today at 147.52 with 10y yields up 3.0bp at 0.880% and 2y yields up 1.8bp at -0.221%.
  • OAT futures are up 0.10 today at 168.57 with 10y yields down -0.1bp at -0.246% and 2y yields down -0.9bp at -0.665%.
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