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Europe Dragging Tsys Lower On PMI Beats

BONDS

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:

  • Mar 10-Yr futures (TY) down 12.5/32 at 111-19.5 (L: 111-19 / H: 112-00.5)
  • Mar Bund futures (RX) down 31 ticks at 134.55 (L: 134.32 / H: 134.97)
  • Mar Gilt futures (G) down 53 ticks at 102.51 (L: 102.44 / H: 103.23)
  • Italy / German 10-Yr spread 2.7bps wider at 189.6bps
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