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US Tsys have recovered from late....>

US TSYS SUMMARY
US TSYS SUMMARY: US Tsys have recovered from late US and Asian sell-off,
underpinned by return to risk-off sentiment on renewed Italy political concerns.
US 10-yr Tsy yield is 3.1bp lower at 2.908% having hit high of 2.948% in Asia.
Yield curve is slightly flatter as 2-yr sector lags with 2s/10s 1bp tighter.
- US Tsys extended sell-off during the Asian session, likely weighed by US/China
rhetoric on trade subsiding and markets turning their attention to comments made
from heads of central bankers yesterday at ECB forum.
- Sentiment quickly turned in European morning session however, and Tsys
reversed losses taking cue from sharp rally in German Bunds on news that Alberto
Bgnai, a Eurosceptic, will be head of Senate finance committee.
- Euro$ strip is 1 to 1.5 ticks higher, just off intra-day highs. Curve is bull
steepening slightly as white contracts outperform vs blues.
- Looking ahead main events in the US include latest jobless claims, Jun
Philadelphia Fed Mfg Index and May leading indicators. Mn Fed Pres Kashkari is
also due to speak.

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