There has been a risk-off tone to......>

BOND SUMMARY: There has been a risk-off tone to European equity market this

morning, although US equity futures are largely flat to a little higher on the

day. Core bond markets have traded in line with the risk off move.

- BTPs have been the exception today, with most peripheral spreads moving a bit

higher but BTP spreads a little lower on the day. BTPs moved higher just ahead

of today's auctions and ahead of headlines from Bloomberg that the Italian

cabinet had approved a EUR55bln stimulus package.

- Looking ahead the highlight will be Fed Chair Powell's virtual event hosted by

the Peterson Institute for International Economics which is scheduled for

14:00BST. He will give opening remarks on the economic outlook followed by a

discussion with former BOE member Adam Posen who is now the PIIE President.

Elsewhere the ECB's Lane is due to be interviewed before participating in

another event later today while de Guindos will also appear at a university

alumni event.

- TY1 futures are up 0-5 today at 139-03+ with Bund futures up 0.54 at 173.91

and Gilt futures up 0.40 at 137.97.