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[MARKET UPDATE] Modest upside in Bunds as the German State CPIs are indicative of a cooler Y/Y print, despite mainland consensus for the HICP Y/Y to remain at 2.7%. Though, it does chime with consensus for CPI itself, seen at 2.4% Y/Y (prev. 2.6%)

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Specifically, Bund Sep'26 lifted from 127.56 to 127.69, a new session high and extending on the move seen after the cooler French series.

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