Bunds Underperforming As European PMIs Mostly Beat

Global core FI is weaker early Wednesday, ahead of a heavy data slate in the pre-holiday US session.

• Bunds are underperforming global peers. Across the US, German and UK cash curves, underperformance is in the short end, with mixed moves further along.
• European PMIs were mostly been above expected (French Services PMI a notable miss to the downside), with price pressures still easing. German 2s10s continued flattening to cycle lows following the data release.
• Gilts weakened slightly following a UK Supreme Court ruling against another Scottish independence referendum.
• A heavy US data schedule ahead of Thanksgiving's closure includes durable goods orders alongside jobless claims; flash PMIs; and UMich prelim sentiment alongside new home sales.
• Nov FOMC minutes are released at 1400ET (previews here and here).

• Dec US 10-Yr futures (TY) down 2/32 at 112-17.5 (L: 112-12 / H: 112-21.5)
• Dec Bund futures (RX) down 7 ticks at 140.32 (L: 139.77 / H: 140.59)
• Dec Gilt futures (G) up 37 ticks at 107.08 (L: 106.51 / H: 107.32)
• Dec BTP futures (IK) up 25 ticks at 119.12 (L: 118.31 / H: 119.42)