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(Z2) Bearish Following Breach Of Key Support

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BOND SUMMARY
BOND SUMMARY: EGB/Gilt: Bunds and gilts moved higher through the Asian and early
European sessions, peaking shortly before the release of the French PMI.
Services came in a bit better than expected and manufacturing fell back below
50, and below the Bloomberg survey, but the number was still not bad enough for
market participants who had pre-positioned for a disappointing release. Fixed
income took another leg lower at the German manufacturing PMI beat expectations
by 3 points. However, this was partly driven by an increase in pipeline times -
something normally associated with a boom but in this case associated with
supply chain impacts from China. Despite this wrinkle, the numbers were still
overall slightly positive.
- The UK PMI also saw a beat for manufacturing (although with the same caveats
as the German numbers) while services were in line with expectations. Gilts are
underperforming Bunds but both are comfortably underperforming Treasuries.
- TY1 futures are up 0-6+ today at 131-20+ with Bund futures unch at 174.96 and
Gilt futures unch at 134.20.

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