- The US TSY curve has steepened on....>

BOND SUMMARY: - The US TSY curve has steepened on the back of the longer end

selling off. The 10-year benchmark trades at 3.256% up from 3.227% and the 2s10s

spread has widened to 37.1bps from 35.2bps.

- JGB yields have ticked higher with the 10-year trading at 0.156% up from

0.147%.

- The German bund curve has steepened this morning. The 2s10s spread has widened

to 109.6bps from 107.0bps and the 2s30s has pushed up to 170.1bps from 169.5bps.

- French OAT yields have drifted higher, with the longer end underperforming. 

- The most pronounced curve steepening has occurred in the Italian BTP market,

with the 2s10s spread widening by 10bps on the day. There were fresh headlines

generated from a speech by Minister of Economy and Finances Giovanni Tria, but

little of substance for the market.

- Gilts have traded stronger this morning, but gains have been marginal.

- Euro% futures are down 0.5-3.5 ticks. The Euribor futures strip has steepened

with greens/blues down 0.5-1.5 ticks.