0517 GMT - European government bonds are cheap at current yield levels and hence attractive for long-term investors, say J.P. Morgan rates strategists in a note. J.P. Morgan, however, refrains from positioning outright given the current uncertainty in the Middle East, elevated beta to U.S. and short momentum positioning. "We however retain a strong conviction on cross-market divergence given a higher bar for a rally in the U.S. and hold longs in 10-year Germany versus U.S."
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