MNI: UK NOV FINAL MANUF PMI 48.0 (FLASH 48.6); OCT 49.9

MNI: EUROZONE NOV FINAL MANUF PMI 45.2 (FLASH 45.2); OCT 46.0

MNI: GERMANY NOV FINAL MANUF PMI 43.0 (FLASH 43.2); OCT 43.0

MNI: PBOC Net Drains CNY216 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Lower At 7.1865 Mon; -1.50% Y/Y

MNI: China CFETS Yuan Index Up 0.01% In Week of Nov 29

MNI: FRANCE NOV FINAL MANUF PMI 43.1 (FLASH 43.2); OCT 44.5

MNI: ITALY NOV MANUF PMI 44.5 (FCST 46.0); OCT 46.9

MNI: SPAIN NOV MANUF PMI 53.1 (FCST 54.0); OCT 54.5

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

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Bunds a bit higher but USTs and gilts a bit lower

BOND SUMMARY
  • The inauguration of Biden as US President today will be the most watched event of the day. It has already been confirmed that he will sign a number of executive orders today (Bloomberg report 15) reversing decisions to leave the WHO, rejoin the Paris Accord and revoke Keystone XL amongst others.
  • Elsewhere a lab trial by Pfizer/Biontech has shown that its vaccine is effective against the UK strain of Covid-19. This follows some third party preliminary findings and also echoes early data regarding the AZ/Oxford vaccine. This has helped risk sentiment today.
  • Peripheral spreads are little changed on the day, reversing the widening seen on the open of BTP-Bund spreads.
  • The calendar so far this morning has been rather light with UK inflation a bit higher than expected but Eurozone CPI unrevised from the flash.
  • TY1 futures are down -0-3 today at 136-27 with 10y UST yields up 0.7bp at 1.096% and 2y yields up 0.2bp at 0.134%.
  • Bund futures are up 0.05 today at 177.45 with 10y Bund yields down -0.5bp at -0.532% and Schatz yields unch at -0.712%.
  • Gilt futures are down -0.04 today at 134.41 with 10y yields up 0.1bp at 0.289% and 2y yields up 0.1bp at -0.131%.
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