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Straightforward Session Within Ranges

EGB SUMMARY

A fairly straightforward session for EGBs, with range trading early throughout much of the morning (largely shrugging off stronger-than-expected Italian and Spanish PMI data), giving way to Bund weakness / softer vol in the afternoon as equities gained momentum.

Likewise, periphery spreads moved higher throughout the morning, only to reverse course in the afternoon to go tighter on the day.

Apart from PMIs, a fairly quiet day on the European calendar, but it gets busier with decent supply the rest of the week (starting w Austria Tuesday); Bank of England Thurs and US Payrolls Fri are the global events in focus.** Latest levels:

  • Sep Bund futures (RX) down 25 ticks at 177.27 (L: 177.03 / H: 177.48)
  • Sep BTP futures (IK) down 9 ticks at 146.9 (L: 146.37 / H: 147.2)
  • Italy / German 10-Yr spread 0.7bps tighter at 153bps
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