The week got off to a good start for bonds, and the improvement continues for our OATs with a reduction in the spread against German Bunds: it contracts to 70 basis points.
Our OATs ease by -3.1Pts to 3.118%, Bunds by -1Pts to 2.4220%.
Italian BTPs remain stable at 3.9300%, i.e. +151Pts spread against the Bund.

On the US market, the yield on 10-year Treasuries remains fixed for the 3rd session at around 4.2450/4.2550%, and for the last 6 days at between 4.22 and 4.258%.

Risk-taking will remain limited on Wall Street in view of the Biden/Trump debate on Thursday evening and the release, scheduled for Friday, of the PCE price index, a measure of inflation particularly closely watched by the Fed.

On the stats front, US consumer confidence worsened in June, but to a slightly lesser extent than expected, according to the index published on Tuesday by the Conference Board.

The index for the month just ended stands at 100.4, whereas economists were expecting it to reach 100. The index for May was revised downwards to 101.3 from 102.

The sub-index of consumer sentiment on the present situation rose to 141.5 from 140.8 the previous month, but that on the future situation fell to 73 from 74.9 in May.

According to ConfBoard, for the time being, the strength of the labor market is helping to offset household concerns about the future.

Across the Channel, Gilts barely shifted, up +1Pt to 4.1200%.



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