EURO GOVT-Bunds erase gains as safety bid subsides

LONDON Mon Dec 10, 2012 8:54am EST

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LONDON Dec 10 (Reuters) - German Bund futures erased the day's gains on Monday to stand broadly flat on the day as the earlier rush to safe havens, caused by the risk of a political crisis in Italy, faded.

The March futures contract hit a session low of 145.63, down 9 ticks on the day, having earlier risen as high as 146.17.

"It seems like we opened up on the back of the Italian story but there has not been much buying of Bunds to sustain that rally," a trader said.

"There has been a bit of a decoupling between Bunds and the peripheral markets ... people don't really play that spread anymore."

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