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There has been little direction in......>

EGB SUMMARY
EGB SUMMARY: There has been little direction in fixed income or equity markets
today with Bunds marginally underperforming gilts and Treasuries. Peripheral
spreads are also little changed on the day.
- The main event of the day has been the release of the updated German issuance
programme for Q3. It will now issue EUR74bln of bonds in Q3 up from EUR41bln
previously planned. It will also launch a 10-year Green bond and bill issuance
is expected at E72bln for the quarter (largely in line with Q2), up from
EUR15.5bln originally planned.
- On the data front today, confidence data in the Eurozone hasn't picked up as
much as consensus had expected but CPI data was higher than expected in Germany
and Spain. ** Latest levels:
* Sep Bund futures (RX) down 10 ticks  at 176.6 (L: 176.35 / H: 176.86)
* Sep BTP futures (IK) up 5 ticks  at 143.5 (L: 143.1 / H: 143.53)
* Italy / German 10-Yr spread 2.1bps tighter at 175.3bps
* Sep OAT futures (OA) down 5 ticks  at 167.66 (L: 167.39 / H: 167.69)

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