/EGBs-GILTS: Bund opened pretty much...>

BOND SUMMARY: /EGBs-GILTS: Bund opened pretty much within levels seen pre FOMC.

- The early session was dominated by national PMIs, with Spain coming at 48.2 v

48 expected (2nd straight contraction). This was followed by France 49.7 v 50

expected (1st below 50 in 4 months). Then Germany 43.2 v 43.1 expected (confirms

7th straight <50). Lastly, EU at 46.5 v 46.4 expected (lowest since Dec 2012).

- German curve is steeper in early trading, and performing better against

peripherals which are wider with Portugal, Spain and Italy the worst performers.

- Very little to report regarding early Gilt price action. We are back to levels

traded at 16.00BST yesterday, 132.82 as we type. Volumes have been fairly

subdued in our first hour of trading with the contract at mid range.

- Markets awaiting the Bank of England, Manuf PMI out at 0930BST; by-election in

Brecon and Radnorshire also worth watching. Latest futures prices:

* Sep Bund futures (RX) down 12 ticks at 174.95 (L: 174.85 / H: 175.04)

* Sep BTP futures (IK) down 39 ticks at 139.42 (L: 139.2 / H: 139.78)

* Sep OAT futures (OA) down 20 ticks at 167.03 (L: 166.92 / H: 167.16)

* Sep Gilt futures (G) down 1 ticks at 132.82 (L: 132.75 / H: 132.94)