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Risk on has led assets

BOND SUMMARY

Global Govies took their cue from the better risk on tone in early trading, and have faded some of their gains, following reports that US-China phase 1 trade talks could come as early as the 15th August

  • European National PMIs showed, In Line For Italy, while Spain missed.
  • -EU confirmed 1st expansion in 5 month.
  • German yields has made an attempt at that -0.565% 15/05 support, which has so far held, with the Curve bear steeper..
  • Bobl auction, Buba cover: 2.5x (1.90x), Bid-to-cover: 2.0x (1.64x)
  • Peripheral are 1.5bps tighter against German 10s
  • DMO seold GBP2.75bln nominal of 0.375% Oct-30 gilt.-Avg yld 0.138% (0.197%), bid-to-cover 2.41x (2.50x), tail 0.3bps (0.2bps), price 102.404 (101.810).
  • US Treasuries traded in tandem with EGBs throughout the morning session, with most of the action seen in Equities and the USD,, with better selling noted, as yields bounce off their record lows.
  • Looking ahead, US ADP, Trade balance and ISM Services Index
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