Wednesday has seen a back-and-forth....>

BOND SUMMARY: Wednesday has seen a back-and-forth start for core FI, Bunds/Gilts

moving higher and then sharply lower on admittedly thin volume. Little in the

way of triggering news, movement appears largely order driven.

- Some attention on ECB's Lane speaking at 0930ET.

- France consumer confidence beat expectations (106 vs 103 exp., 104 prior) with

Italy confidence indices (0900GMT) up later. Huge swathe of U.S. data this aft.

- E3bln sale of German Bobl highlights supply.

- Note: March (H0) Gilts have become the active contract. Latest levels:

* Dec Bund futures (RX) down 4 ticks at 171.41 (L: 171.23 / H: 171.52)

* Germany: The 2-Yr yield is up 0.1bps at -0.636%, 5-Yr is down 0.1bps at

-0.595%, 10-Yr is down 0.3bps at -0.375%, and 30-Yr is down 0.4bps at 0.147%.

* Mar Gilt futures (G) down 7 ticks at 133.48 (L: 133.35 / H: 133.56)

* UK: The 2-Yr yield is down 0.7bps at 0.484%, 5-Yr is down 0.8bps at 0.447%,

10-Yr is down 0.8bps at 0.642%, and 30-Yr is down 1.5bps at 1.199%.

* Dec BTP futures (IK) up 23 ticks at 142.23 (L: 141.92 / H: 142.28)

* Italy / German 10-Yr spread 2bps tighter at 152.1bps