The mood in European markets has.......>

BOND SUMMARY: The mood in European markets has turned slightly risk-on following

an initially cautious stance earlier in the session following the Iranian strike

on US military bases in Iraq. There is no obvious catalyst to this shift. This

morning's data releases were not significant nor market moving. 

- Having firmed from the open, bunds have started to sell-off. The curve has

bear steepened with 2s30s up 2bp.

- OAT yields have drifted slightly higher. Current yield levels: 2-year -0.603%,

5-year -0.363%, 10-year 0.024%, 30-year 0.846%.

- SPGBs have underperformed BTPs, particularly at the very long-end.

- EC President Ursula von der Leyen is currently addressing an audience at the

London School of Economics before attending the planned meeting with UK PM Boris

Johnson in Downing Street.

- Gilts trade a touch firmer. Current yield levels: 2-year 0.596%, 5-year

0.603%, 10-year 0.786%, 30-year 1.237%.