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

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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: EUROZONE OCT UNEMPLOYMENT RATE 6.3%

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

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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EGB/Gilt

BOND SUMMARY

An agreement between the UK and EU on Sunday to continue trade negotiations past the weekend deadline has delivered some relief to markets and has underpinned the rally in European equities and bear steepening of sovereign curves.

  • The EU's chief Brexit negotiator Michel Barnier has stated that he sees a narrow path to a trade settlement with the UK.
  • Gilts have unwound some of last week's bull flattening with yields 4-8bp higher on the day and the longer end underperforming.
  • The bund curve has similarly bear steepened with the 2s30s spread 2bp wider.
  • OAT yields are broadly 1-2bp higher. Last yields: 2-year -0.7336%, 5-year -0.7034%, 10-year -0.3756%, 30-year 0.3221%.
  • BTPs have traded firmer with yields within 1bp of Friday's close..
  • There is no EGB supply this week. This afternoon France will sell 3-/6-/12-month BTFs for E3.8-5.0bn.
  • Eurozone industrial production data for October came in slightly above expectations (-3.8% Y/Y vs -4.2% survey).
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