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ITALY DATA

Manufacturing PMI 62.8 (61.1 exp, 61.1 prev)

BONDS

Broader base selling hits Global Govies

SPAIN DATA

PMI data paints a familiar story - but is pre-Omicron

SILVER TECHS

Trading Lower

SPAIN DATA

Manufacturing PMI 57.1 (57.9 expected, 57.4 previous)

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  • Forward rates have fallen sharply this morning following the news of a new variant of concern and travel bans ahead of SA's peak tourism season.
  • 3x6-FRA-Jibar spreads have narrowed -19bp, falling from +52bp to +33bp in rapid fashion as growth concerns weigh
  • USD/ZAR stands +2% higher, SAGBs +18-20bp bear steeper & stocks -1.13% lower with rand hedges propping up the index.
  • 3x6 FRA-Jibar Spread