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The Mar-18 10Y Bund contract opened 8...>

EGB SUMMARY
EGB SUMMARY: The Mar-18 10Y Bund contract opened 8 ticks lower in the European
session at 161.63. However, quickly reversed losses and rallied above
yesterday's close. The yield on the 10Y Bund is currently 0.4bp lower at 0.412%.
- The major story overnight in Europe was the result of the Catalan election.
The pro-independence parties won back control and the former Catalan leader
Carles Puigdemont described the result as "a slap in the face" of Prime Minister
Mariano Rajoy. The Spanish curve is steeper this morning and the Bund-Bonos
spread has widened by 6.4bp to 111.8bp.
- The Catalan election results have put other peripheral markets under pressure
as well. The Italian curve is also steeper and the Bund-BTP spread is 2.7bp
wider 151.5bp.
- In a surprise French final Q3 GDP was revised higher to 0.6% from 0.5%.
- The Italian Ministry of Finance announced that they will be issuing a CCTeu
Apr-25, BTP Aug-22, BTP Aug-27 and BTP Jun-27 on 28th Dec.
- A slew of Italian data will be published at 0900GMT, Industrial Orders as well
as ISTAT Business and Consumer Confidence.
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