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The Italian bond sell-off has partly....>

EGB SUMMARY
EGB SUMMARY: The Italian bond sell-off has partly reversed amid continuing
speculation over today's budget plan, with focus also on German inflation.
- Latest headlines on Italy are that the coalition parties are agreed on a
deficit above 2.0% of GDP, but that Fin Min Tria is holding to a target of 1.6%
of GDP under threat of resignation (Reuters citing a 5-Star source).
- PM Conte, Tria, and Deputy PMs Salvini and Di Maio set to meet at 1600CET on
the budget, with cabinet to meet at 2000CET.
- Dec 18 BTP future is down 93 ticks at 126.09, but 86 ticks above the lows, in
a range of 125.23-126.39 today. 2-Yr yield up 7.8bps at 0.837, 10-Yr up 5.4bps
at 2.913% (spread vs Bunds up 6.5bps at 239.8bps).
- With regional German inflation numbers coming in above expectations so far
Thursday (consistently above national median forecast of 2.0% Y/Y), all eyes now
on flash data for September at 1200GMT. The prior y/y growth rate was 1.9%.
- Strong inflation and a slight recovery in BTPs have brought the Dec18 Bund
future back near today`s lows, up 29 ticks at 158.33, having traded in a range
of 158.26-158.79 today.
MarketsFixed Income Bullets
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