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- US Tsy yields have ticked higher.....>

BOND SUMMARY
BOND SUMMARY: - US Tsy yields have ticked higher this morning with the 10-year
trading at 3.083% up from 3.065%.
- Japan observes a national holiday today.
- German bunds have sold off this morning, with underperformance at the longer
end causing the curve to steepen. The 10-year Bund trades at 0.476% up from
0.450% while the 2s10s spread has widened to 100.2bps from 98.0bps. IFO survey
data for Sep came in marginally higher than expected.
- French OAT yields have pushed higher, with the 2-year trading at -0.367% from
a low of -0.380% and the 10-year trades at 0.796% up from 0.773%.
- The UK Gilt curve has steepened since the open with the 2s10s spread trading
up to 75.2bps from 73.6bps.
- Short sterling futures are down 1.0-2.0 ticks. Option flow has been much
lighter this morning compared to the tail end of last week.
- Euro$ futures are 0.5-2.0 ticks lower. The Euribor futures strip is 0.5-1.0
ticks lower.

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