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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).
Latest levels:
  • 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)

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