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BOND SUMMARY: Tensions over trade at the G7 summit this weekend appear to have
had little impact on bonds/rates, with risk aversion abating and markets
apparently focused on this week`s Fed, ECB and BoJ meetings.
- Gilts pared early losses, with poor Apr UK econ data dropping the probability
of an Aug BoE hike to 57% from 65% Friday. Sep18 future off 17 ticks at 121.65.
- Otherwise, higher-quality bonds a little weaker as moderate risk-on appetite
returns. US10Y Tsy yields are up 1.5bps at 2.961%, with 10Y Bunds are up 2.1bps
at 0.469% and 10Y JGBs up 0.2bps at 0.049%.
- Periphery Eurozone bonds have been buoyed by Italian finance minister Tria`s
comments over the weekend that the new government has no intention to leave the
euro. 2-year BTPs in 46.5bps vs Bunds and 10-yrs are 20.0bps tighter.
- Euribor and Eurodollar futures strips are a little weaker, particularly at the
longer end; Blue Euribor off 1.0-1.5 ticks, while equivalent EDs down 2.0-2.5.
- Again the UK is the exception given poor data, with Short Sterling White and
Reds up 1.0-2.0 ticks.