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Busy morning, partially reversing yesterday's rally

BOND SUMMARY

Bunds, gilts and Treasuries have all partially reversed some of yesterday's rally today.

  • It has been a busy morning in terms of events: final PMI across the Eurozone and UK has largely been in line with flash prints while Governor Bailey's Mansion House speech was eagerly anticipated but contained little that was new.
  • We have also had some decent supply with Spain, France and the UK all holding auctions this morning.
  • Looking ahead the main focus is on ISM manufacturing and (to a lesser extent) weekly claims data ahead of tomorrow's labour market report.
  • TY1 futures are down -0-7 today at 132-09 with 10y UST yields up 1.0bp at 1.479% and 2y yields up 0.4bp at 0.254%.
  • Bund futures are down -0.36 today at 172.25 with 10y Bund yields up 2.6bp at -0.183% and Schatz yields up 0.4bp at -0.663%.
  • Gilt futures are down -0.21 today at 127.89 with 10y yields up 2.4bp at 0.739% and 2y yields up 0.4bp at 0.061%.

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