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Europe (Mostly) Positive Feedback

US TSYS
Tsys trading modestly weaker, came under pressure in early London trade after higher than expected French, Italian and Spanish GDP economic data triggered selling in EGBs w/ brief pause after weaker than expected German GDP.
  • This after rates and stocks rallied after Thursday's U.S. GDP contracted by 0.9% in the second quarter, far below analyst expectations for a 0.4% gain, driven by decreases in inventory investment, housing and government spending, according to Wed's advance est by Bureau of Economic Analysis.
  • Tsys currently off recent overnight lows, curves steeper w/ bonds underperforming (30YY +.0401 at 3.0629%).
  • Focus turns to Friday's data calendar w/ Personal Income (0.5% est), Personal Spending (0.9% est), ECI (1.2% est), Chicago PMI (55.0 est) and U-Mich (51.1 est.).
  • Fed out of blackout but still no scheduled speakers as yet - but will most likely see some commentary on networks.
  • Cross asset: spot Gold +6.54 at 1762.38, Crude higher WTI +2.07 at 98.50, stocks firmer ESU2 +32.0 at 4105.50.
  • Currently, 2-Yr yield is up 0.8bps at 2.8703%, 5-Yr is up 1.7bps at 2.7147%, 10-Yr is up 2.7bps at 2.7029%, and 30-Yr is up 3.8bps at 3.0604%.
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