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The main theme of the mornings trade....>

EGB SUMMARY
EGB SUMMARY: The main theme of the mornings trade was the sinking of the BTP
market as talk of dual currencies by Berlusconi at the weekend appeared to
attract attention.
- There was a large seller of 5Y BTPs in the morning session that was thought to
be a hedge fund.
- The Bund market started off poorly and went through a number of oscillations
before the close. By the close of play, the Bunds yield was almost unchanged on
the day at 0.40%
- Datawise, the only release in Europe was the ZEW, which showed a rise in the
current conditions but a decline in expectations. The market moved through the
release without much market reaction.
- The Bund-BTP spread widened 7bp to 170bp, its widest in over a month.
MarketsFixed Income Bullets
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