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China Warns US Not to Cross Three Redlines


Won Strengthens From 2021 Lows


ANZ: Sydney At Lowest Spend Since April 2020

Striking a far more confrontational.....>

EGB SUMMARY: Striking a far more confrontational tone, the UK Prime Minister
issued a stern warning to EU leaders demanding more cooperation. There appears
to have been limited impact on EGBs. 
- German bund yields have ticked lower since midday, while the curve has
remained broadly flat. The 2-year benchmark trades at -0.545% down from an
afternoon high of -0.537% while the 10-year is down to 0.453% from 0.466%.
- French OAT yields are trading around the lows of the day. The 2year OAT trades
at -0.381% down from -0.369% and the 10-year trades at 0.775% down from 0.796%.
- Italian BTPs have recently surged. The 2-year trades at 0.760% down from an
intraday high of 0.822%.
- Spanish government bonds have rallied throughout the session, but the curve
has been little changed since the early morning.
- Euribor futures are broadly 0.5-1.5 ticks higher.