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RISK ON

BOND SUMMARY

Markets are broadly risk-on this morning with European govies selling off, equities pushing higher, oil making gains and the dollar losing ground against G10 currencies.

  • TYU0 trades at 139-17 and towards the lows of the day.
  • The Sep-30 gilt future trades at 137.16, in the middle of the morning range.
  • The bund curve has bear steepened with cash yields 1-3bp higher.
  • French OATs have similarly sold off with yields edging up 1-2bp. Last yields: 2-year -0.6768%, 5-year -0.6869%, 10-year -0.4878%, 30-year -0.0563%.
  • BTPs broadly trade close to unch on the day.
  • Supply this morning comes from Germany (Bubills, EUR4bn), the Netherlands (DTCs, EUR2-4bn), Belgium (OLOs, EUR1-1.5bn) and France (BTFs, EUR4.2-5.4bn).
  • The data calendar is very light today with just the Chicago Fed Activity Index being the only release of note.

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