There were few surprises among the......>

EGB SUMMARY: There were few surprises among the slew of European data releases

this morning with preliminary CPI prints for January (France, Spain) and Q4 GDP

estimates (Eurozone, Italy, Spain) broadly in line with consensus.

- German bunds have lacked direction this morning with trading in a tight range.

Current yield levels: 2-year -0.563%, 10-year 0.713%, 30-year 0.769%.

- The French OAT curve has flattened slightly since 0800GMT. The 2s10s spread

has narrowed to 101.2bps from 103.3bps and the 2s30s has traded down to 196.7bps

from 198.4bps.

- Italian BTP yields have drifted higher, but still below yesterday's close. GDP

data show the economy contracting in the fourth quarter and slightly worse than

expected (-0.2% Q/Q vs -0.1% survey).

- Spanish government bonds have rallied from the open with yields down 4-5bp on

the day. 

- Euribor futures trade flat/0.5 ticks higher in whites/reds and 1.0-2.5 ticks

higher in greens/blues.