- US Treasuries are trading in a.......>

BOND SUMMARY: - US Treasuries are trading in a tight range this morning. The

benchmark 10-year trades at 2.941% up from a morning low of 2.9296%.

- The shorter end of the JGB curve as ticked higher, while the longer end has

traded sideways.

- German bunds have sold off this morning and the curve has steepened. The

10-year trades at 0.407% up from 0.3699%, while the 2s10s spread has traded up

to 95.0bps up from 92.4bps.

- The French OAT curve has similarly steepened. The 2s10s spread trades at

111.0bps up from 109.6bps.

- Italian BTPs have rallied strongly. The 10-year BTP yield has pushed down to

2.930% from a high of 3.005%.

- UK gilt yields have drifted higher across the curve. The 2-year gilt trades at

0.762% from 0.739% and the 10-year trades at 1.4796% from 1.4472%.

- Euro$ futures are 0.5-1.0 ticks lower. The Euribor futures strip is flat to

1.5 ticks lower.