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The tone in EGBs has been risk-on so....>

EGB SUMMARY
EGB SUMMARY: The tone in EGBs has been risk-on so far Monday, centred around
global trade optimism, and despite continued Italian political uncertainty.
- Bunds pressured on Trump trade comments at G7 that China called over the
weekend to restart trade talks, and that US hopes to have trade deal with EU.
- German curve bear steepening slightly: 2-Yr yield up 0.4bps at -0.888%, 5-Yr
up 1bps at -0.878%, 10-Yr up 1.1bps at -0.664%, 30-Yr up 0.3bps at -0.124%.
- Sep Bunds (last off 15 ticks) largely unmoved by Aug IFO weakness.
- Italy bears attention as a Tuesday deadline looms for the PD and 5-Star to
reach an agreement on a new gov't, or else snap election likely.
- PD leader Zingaretti said 'hope will happen in coming hours'. Main obstacle
remains over who should become Prime Minister. But 5-Star official said earlier
that no talks planned with PD today.
- Overall, little change in BTP spreads (10-Yr 1.2bps wider at 200.4bps).
- Euribor strip relatively steady. Latest French/Italy futures prices:
* Sep BTP futures (IK) down 39 ticks at 142.25 (L: 142.01 / H: 142.9)
* Sep OAT futures (OA) down 3 ticks at 169.75 (L: 169.61 / H: 170.22)
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