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BOND SUMMARY: Sovereign curves have broadly bear steepened through the morning.
- Australian bonds have sold off sharply ahead of the RBA meeting (consensus
expects -25bp) with the 30-year benchmark yield up 9bp on the day. There is
speculation that the Aussie move has been driven by positioning.
- UST cash yields are 1-2bp higher, while TYZ9 trades at 130-04+, near the
bottom of the day's range.
- The gilt curve trades relatively mixed, albeit with selling pressure at the
very long end. With PM Johnson and Chancellor of the Exchequer Sajid Javid once
again reaffirming the October 31 Brexit deadline, the risk of a no-deal Brexit
remains. The final Q2 GDP print came in a touch stronger (in Y/Y terms), while
business investment was revised lower.
- There has been decent bear steepening of the German bund curve. Current yield
levels: 2-year -0.771%, 5-year -0.767%, 10-year -0.557%, 30-year -0.0495%.
- German regional CPI came in softer, ahead of this afternoon's national print.
- Price action in BTPs has been relatively more contained. Yields are broadly