The European bond market had a very short session in terms of volume, as the London Stock Exchange closed (early may banking Holliday).
The week had started well, with buyers taking the upper hand in early trading, extending the easing seen on Thursday and especially last Friday.... but the fine initial gains failed to hold up, and the picture this evening is much more mixed.
Europe is rather positive, with -3.5pts of yield on OATs and BUNDS (at 2.985% and 2.475% respectively), -3pts on Italian BTPs at 3.805%... but this is a far cry from the -6 to -7pts of the morning.

T-Bonds turned around in the afternoon, and from a -3Pts easing around 2.30 p.m., here they were +1Pt basis point at 4.508%, while the '2-yr posted +1.6Pt at 4.8220%.
There was, however, reason to be reassured about inflation, since Brent crude dropped almost -1% and is now below $83, i.e. -10% since April 14.
In Europe, industrial producer prices fell by 0.4% in the eurozone and 0.5% in the EU, according to Eurostat estimates, following declines of 1.1% in the eurozone and 1% in the EU in February.

Among the few US indicators on the agenda this week, the University of Michigan's consumer confidence index will, on Friday, provide a clearer picture of current US household morale.

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