MNI: UK FINAL NOV SRVCS PMI 50.8 (FLASH 50.0); OCT 52.0

MNI: EUROZONE FINAL NOV SRVCS PMI 49.5 (FLASH 49.2); OCT 51.6

MNI: GERMANY FINAL NOV SRVCS PMI 49.3 (FLASH 49.4); OCT 51.6

MNI BRIEF: China Must Quicken Reforms To Boost Domestic Demand

MNI: PBOC Net Drains CNY227 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1934 Weds; -1.91% Y/Y

MNI: FRANCE FINAL NOV SRVCS PMI 46.9 (FLASH 45.7); OCT 49.2

MNI: ITALY NOV SRVCS PMI 49.2 (FCAST 50.8); OCT 52.4

MNI: SPAIN NOV SRVCS PMI 53.1 (FCAST 53.3); OCT 54.9

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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EGB/Gilt: Trading Lower

BOND SUMMARY

European government bonds have traded lower at the start of the week against a backdrop of mixed equity performance and uneven trading in FX.

  • Despite signs of progress on bilateral peace talks last week, Ukraine has flatly rejected Moscow's demands to surrender the besieged city of Mariupol.
  • Gilts opened lower and sold off further through the morning with cash yields now up 4-6bp.
  • Bund yields are up 3-5bp with the curve bear steepening.
  • It is a similar story for OATs where the curve is 1-2bp steeper.
  • BTPs have underperfomed core EGBs, particularly at the longer end. Yields are now up 2-7bp.
  • Supply this morning came from Germany (Bubills, EUR1.63bn allotted), the Netherlands (DTCs, EUR2.96bn), Belgium (OLOs, EUR7.337bn), and Slovakia (SlovGBs, EUR368mn). Later today France will offer EUR4.2-5.8bn of BTFs.
  • There were no significant European data releases this morning.
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