The 10Y Bund yield is 1bp lower today...>

EGB SUMMARY: The 10Y Bund yield is 1bp lower today at 0.666%. Reacting mostly to

the resignation of Gary Cohn, which raises the possibility of a global trade

war. The yen gained and the dollar lost.

- The S&P mini index future is pointing to a 0.8% drop in the S&P at the US open

later today and the DAX is already 0.6% lower.

- There was a fairly hawkish speech by Fed Board member Lael Brainard in the

overnight session, but the impact of an important dove turning hawkish has been

over-ridden by trade war threats.

- The core curves are marginally flatter this morning and, for a change, there

is little movement in EGB sovereign spreads to Germany. The Bund-BTP spread is

just 1bp tighter today.

- This is the final full day of trading for the Mar-18 eurex futures.

- Germany sells E4bln of a 5Y Obl later this morning. This tenor usually

receives very thin bidding.

- Main economic event is the ADP release in the US. Eurozone final GDP is at

1000GMT.