BOND SUMMARY: Global Govies are........>

BOND SUMMARY: BOND SUMMARY: Global Govies are better bid in early trading. 

-The session has been dominated by a round of EU National PMIs. EGBs are better

bid following France PMI, and despite the miss, the country still showed

Manufacturing at 5th consecutive month of expansion, Services 10th month of

expansion and Composite 10th month of expansion 

-Next stop was Germany and the EC, with Germany missing and a mixed data for EC,

which provided an underlying bid into the German curve, with Bund 22 ticks up on

the day. Despite the contract trading ranges, volumes in EGBs have been way

above 10 days averages. 

-Gilts are elevated, first on the GBP pullback, but also on the UK PMI miss,

showing Manufacturing as a 8th straight month of contraction and 4-month low. 

- Services didn't fare much better with PMI 9-month low and Composite PMI

41-month low. 

-US Tnotes have been fairly subdued and have remained with ranges, even ignoring

the better bid in EGB. -Looking ahead, we have US PMIs in focus.