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Cheaper In Light Of NY Empire Manufacturing Print

BONDS

A firmer than expected headline U.S. Empire manufacturing survey release (inspection of the details reveal that new orders and employment sub-indices firmed, while inflation measures eased) allows core global FI to cheapen. Bund futures move off recent fresh session highs, while wider German cash trade still sees 1-4bp of richening as the curve bull flattens. Gilt futures nudge further away from London morning bests, with cash trade seeing 0.5-2.5bp of richening as the belly & intermediates outperform the wings.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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