With a light data calendar it has......>

BOND SUMMARY: With a light data calendar it has been a relatively quiet session

so far for USTs, Gilts and Core EGBs. 

- The benchmark 10-year US treasury yield has edged down to 2.950% from a

morning high of 2.963% and the curve has flattened slightly with the 2s10s

spread narrowing to 32.2bps from 33.3bps.

- The German bund curve has flattened with the 2s30s spread falling to 166.0bps

from a high of 167.5bps. The 30-year bund yield has traded down to 1.064% from

1.080%.

- The French curve has similarly flattened. The benchmark 10-year OAT yield

trades at 0.711%, down from a high of 0.728%, while the 2-year yield has fallen

to -0.417% from -0.409%. The French preliminary composite PMI for June was a

touch lower at 54.5 vs 54.9 survey and 55.0 in May.

- Gilts have rallied across the curve, with the 2-year yield trading down to

0.752% from 0.777% and the 30-year down to 1.724% from 1.742%. 

- EURIBOR futures whites through blues down 0.5-1.0 ticks, Euro$ futures up

1.0-2.0 ticks.