Some disappointing data originating.....>

EGB SUMMARY: Some disappointing data originating in the Eurozone have helped to

set a wider risk off tone across markets. The German curve has flattened with

Schatz yields 0.4bp higher on the day but 10y Bund yields 1.3bp lower on the

day.

- Most peripheral and semi-core spreads are largely unchanged on the day with

the exception of BTP-Bund spreads which are 6.3bp wider on the day at the time

of writing. This has largely been driven by some very disappointing Italian

industrial orders and sales numbers. Industrial sales posted the worst Y/Y fall

since 2009.

- Elsewhere, the Eurozone current account also showed a shrinking surplus and

the German ZEW current situation fell to its lowest level since 2014.

- This afternoon, we have speeches from the Bank of Portugal's Cost and ECB

Executive Board member Peter Praet.