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To sum up on moves in last....>

GLOBAL MARKET/OPINION
GLOBAL MARKET/OPINION: To sum up on moves in last 20 mins: no specific trigger
seen but at one point: JPY from 106.23 to 105.70, WTI down 60 cents, Gold up
$10, S&P Emini drops 0.6%, 10-Yr UST yield drops 3.2bps (3M / 10Y spread dropped
below 40bps first time this cycle)
- In European trade this morning had seen fixed income rally alongside equity
rally suggesting no risk-aversion narrative. A bit of a bounce now, but overall
fear beginning to regain a grip.

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