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The big story in global bond markets...>

BOND SUMMARY
BOND SUMMARY: The big story in global bond markets this morning is the impending
announcement of a new Italian election after Salvini called the governing
council unworkable. The Italian parliament is now set to be called back from its
summer recess for a no confidence vote with an election likely to be called for
October. Local media have reported some potential dates including Oct 13 and Oct
23. Fitch, who have Italy rated as BBB with a negative outlook are due to
publish an updated rating today after the market close. 10y BTP-Bund spreads are
28bp wider on the day at the time of writing, reversing all of the tightening of
the spread seen through July.
- Core bonds have generally drifted higher this morning led by gilts. UK GDP
disappointed, falling -0.2%Q/Q in Q2 (flat had been expected). Earlier today,
the German trade balance and French industrial production had also disappointed.
The main data release in the US section today will be PPI.
- TY1 futures are unch today at 129-29+ with Bund futures up 0.26 at 177.19 and
Gilt futures up 0.46 at 134.30.
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