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- The rally in German bunds lost........>

EGB SUMMARY: - The rally in German bunds lost steam by early afternoon, but the
curve has continued to flatten since mid morning. The benchmark 2-year bund
trades at -0.544% down from a high of -0.535% and the 10-year trades at a yield
of 0.539% down from 0.569%. The 2s10s spread has narrowed to 107.6bps from
- French OAT yields have broadly pushed lower through the session, with the
longer end outperforming. The 10-year yield has traded down to 0.886% from
- It has been another big day for Italian BTPs as Minister of Economy and
Finances Giovanni Tria continues to feed uncertainty over the fiscal outlook.
Tria has simultaneously panned the market's response to the government's budget
plans while also indicating that the government is worried by widening bond
spreads. The 2-year BTP yield has traded within a 1.470/1.647% intraday range.
- Spanish yields have drifted higher and the curve is steeper on the day.
- Euribor futures are broadly flat.

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