Strong German Sentiment Lifts European Shares

Bund and Gilt yields are mixed, with Gilts underperforming as the OECD warned that Brexit is the “major risk” for Britain’s economy, and while the BoE passed all banks in its latest stress test Carney also delivered some Brexit warnings on its own. Still, the underperformance of the short end in the U.K. highlights the fact that the BoE is heading for further rate hikes over that timeframe. The OECD delivered an optimistic view of the German economy and M3 money supply growth showed ongoing improvements in loan growth.

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