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BOND SUMMARY

All eyes were on the European national PMI this morning.

  • French Manufacturing moves back into expansion.-Services PMI: 1st contraction in 4 months-Composite 1st contraction in 4 months.
  • Germany saw Another disappointing services print below 50 but a decent upside surprise to manufacturing.
  • Regarding Europe, the area outside France and Germany, Markit notes: "Elsewhere, business activity fell for a second successive month after July's brief return to growth".
  • Bund is flat on the day at 174.38, weighted by better bid in Equities and into the 15yr supply.
  • Peripherals are tighter with Greece leading at 3bps versus German 10yr.
  • UK saw similar type of data, with a beat in manufacturing, but lower Services and Composite.
  • Gilts are better bid, but trading within the opening range at 136.43
  • US Treasuries have traded in a 5 ticks range and in tandem with Core European Govies at 139.17.
  • Investors awaits a busy afternoon session, including US PMI, ECB and Fed speakers, with Powell appearing before the House panel.
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