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EGBS: EGBs have opened with a risk-off tone taking cue from overnight rally in
US Treasuries with core and semi-core bonds modestly higher, however EMU
periphery are seen struggling. German 10-yr Bund yield is 2.8bp lower at 0.532%
with curve modestly flatter as long0-end outperforms the short end.
- French flash composite PMI falling to a 16-month l;ow of 56.9 in May is also
seen underpinning bid in core/semi-core bonds.
- Markets attention now on German and then overall Eurozone flash PMI data to
see if the weakness is contained to just France or is more widespread. Once
noting that French rail strikes could of impacted the services component of the
PMI data.
- After the PMI data, attention will turn to launch of new German 2-yr Schatz
auction for E5bln and then Eurozone advanced consumer confidence in the
- Euribors have opened higher, curve flatter as blue contracts are 2.5 to 3
ticks up compared to steady to 0.5 tick lower in white contracts

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