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Widening of the spread is led by OAT and BTP

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  • Widening of the spread is driven by core French and Italian Govies futures, with Bund fairly stable.
  • Latest flow sees 3k sold in BTP and 2k in OAT.
  • A survey by Elabe was also noted as potential driver, as it showed that Macron's approval fell to its lowest level since late 2018.
  • As per Bloomberg: "The pollster surveyed 1,502 adults online on Tuesday and Wednesday".
  • "Les Echos showed that 24% of people interviewed trust Macron to tackle the problems France faces, down 5 points from May."
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  • Widening of the spread is driven by core French and Italian Govies futures, with Bund fairly stable.
  • Latest flow sees 3k sold in BTP and 2k in OAT.
  • A survey by Elabe was also noted as potential driver, as it showed that Macron's approval fell to its lowest level since late 2018.
  • As per Bloomberg: "The pollster surveyed 1,502 adults online on Tuesday and Wednesday".
  • "Les Echos showed that 24% of people interviewed trust Macron to tackle the problems France faces, down 5 points from May."