After a choppy Asian session where.....>

BOND SUMMARY: After a choppy Asian session where Navarro initially seemed to

state that Sin-US trade talks were over before backtracking, the focus this

morning has been on the PMIs across Europe and the UK.

- Every single PMI print from France, Germany, the Eurozone and UK has come in

above expectations - particularly the UK and France numbers. Bunds reached their

lows of the day after the UK numbers but both gilts and Bunds have retraced

theses losses since. Both remain lower on the day however. It is important to

note that the PMIs are diffussion indices, so only show whether things are

getting better or worse than the previous month with no indication of the

magnitude of any change.

- The US PMI is due for release later today and we have a speech from Bullard as

well as new home sales. The calendar is otherwise fairly quiet for the day

ahead.

- TY1 futures are down -0-2 today at 138-20+ with Bund futures down -0.28 at

175.83 and Gilt futures down -0.20 at 137.16.