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JGBS

Resilience Gives Way

JPY

Market Sentiment Provides Key Driver

JAPAN DATA

Japan Oct Household Spending Down 0.6% y/y

US TSYS

Incrementally Firmer Early On

NZD

Kiwi Kept In Check Despite Risk-On Impulse

JGB TECHS

(Z1) Strong Weekly Close

EGB SUMMARY
EGB SUMMARY: The rally in core EGBs has petered out, while peripheral yields
have pushed lower.
- The German curve is broadly unchanged since the open. The benchmark 2-year
bund yield trades at -0.674% in line with the open, while the 10-year has traded
up to 0.329% from a session low of 0.304%.
- Having rallied during the morning, the French 2-year OAT yield has reversed to
-0.456% from a low of -0.469%. The 10-year rally has proven more durable, with
the yield pushing down to 0.712% from 0.736% at the open.
- The move lower in the Italian curve has been more decisive. the 2-year BTP
yield has traded down to 0.865% from a high of 1.058%, with the 10-year
similarly down to 2.791% from 2.919%.
- There has been limited movement in the EURIBOR futures strip. Greens and Blues
are down 0.5 ticks.
- Preliminary Eurozone CPI data is published on Friday and before that the
estimates for Spain, Italy and Germany are due on Thursday.