EGB/GILT SUMMARY

A fairly busy session for EGBs in terms of volumes, as rolling position into December takes centre stage.

• Bund has already traded 600k, with circa 60% of the roll done, ahead of expiry next Tuesday.
• Italian PMI moves back into contraction, while France confirmed 3rd straight expansion, and Germany showed 2nd month of expansion. Core started the session better offered ahead of heavy supplies from Spain and France and the better bid in European Equities, but have since faded some of the losses.
• Peripheral;s are mix, with Italy performing best at 1.2bp tighter, while the rest trade close to flat against the German 10.
• Gilts, saw final PMI release, and despite that UK PMI pointing to fastest pace of expansion in over five years, the rate of job losses is picking up.
• The contract is trading in a 40 ticks range and at mid range 135.86.
• Looking ahead, US Jobless claims, Service PMI (final) and ISM Services Index will be in focus on the data front.
• BoE Bayley speaks on Crypto, and BOE's Ramsden Speaks at Conference.
• Fed Evans will be the scheduled speaker.