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Sold off, led by US Treasuries

EGB SUMMARY

EGBs came under pressure this afternoon, but US treasury led.US saw continued large selling going through in the longer end Treasuries, with sellers in Ultras.

  • Tnotes have been sold in large volumes.
  • Longer end leads with 2s10s above 59.0bp,
  • No real or obvious catalyst behind the move lower, beside what was widely reported, with chance of a US stimulus and Trump possibly leaving hospital today.
  • Bund were dragged lower by the US, and the contract is down 34 ticks at the time of typing.
  • Peripheral have fared a little better and in turns, spread are tighter versus the German 10 this afternoon.
  • Best performer is Greece at 3.5bps tighter, while Portugal lags behind at 0.4bps
  • Looking ahead, we await for news from the White House and Trump.
  • Tweet: @steveholland""White House press pool en route Walter Reed"
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