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  • Local rates trade marginally softer at the open, having closed bear flatter on Friday – driven higher by 2Y yields (+7.9bp).
  • W/w the SAGB curve lifted +10-30bp across the breadth, with 6-10Y yields most offered.
  • Risk premia also unwound last week, lifting 11.93bp back towards 190.
  • Stocks also took a turn for the worse with the Top40 falling 3.16% and moving below 60k support as the shine came off precious metals.