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MNI China Daily Summary: Monday, March 27

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Europe Dragging Tsys Lower On PMI Beats

BONDS
BulletMarketsFixed Income NewsHomepage

European bonds are lower in early Tuesday trade following stronger-than-expected February flash PMI data.

  • Each of the French, German, and Eurozone composite PMIs beat expectations (though services did the heavy lifting, with manufacturing disappointing), followed by a much stronger-than-expected UK print.
  • The German and UK curves bear flattened, with ECB and BoE terminal rate expectations rising. Gilts are underperforming, with short-end/belly yields higher by more than 10bp.
  • The European core FI move dragged Treasuries lower, with U.S. PMIs and existing home sales the highlights of the data slate.
  • ECB's Lagarde is the session's major central bank speaker of note.
  • In supply, we get a $42bln 2Y Note auction in the U.S., with Germany selling E5bln of Bobl and Spain selling new 15Y Obli via syndication.

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European bonds are lower in early Tuesday trade following stronger-than-expected February flash PMI data.

  • Each of the French, German, and Eurozone composite PMIs beat expectations (though services did the heavy lifting, with manufacturing disappointing), followed by a much stronger-than-expected UK print.
  • The German and UK curves bear flattened, with ECB and BoE terminal rate expectations rising. Gilts are underperforming, with short-end/belly yields higher by more than 10bp.
  • The European core FI move dragged Treasuries lower, with U.S. PMIs and existing home sales the highlights of the data slate.
  • ECB's Lagarde is the session's major central bank speaker of note.
  • In supply, we get a $42bln 2Y Note auction in the U.S., with Germany selling E5bln of Bobl and Spain selling new 15Y Obli via syndication.

Latest levels:

Keep reading...Show less