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European data driving; now focus switches to Fed speakers and ISM services

BONDS
  • The German curve has led the way lower for core FI this morning following better German trade data, better Spanish services PMI data and upward revisions to French, German and Eurozone services PMI data (and in spite of a disappointing Italian services PMI print and poor Eurozone retail sales data).
  • The German curve has bear flattened as the short-term has seen the biggest moves.
  • Looking ahead, focus will switch to the US with a number of Fed speakers in the afternoon: Bullard, Harker, Daly, Barkin and Kashkari are all due to make appearances. The highlight of the day's data calendar will be the US ISM services print, too.
  • TY1 futures are down -0-0+ today at 120-03+ with 10y UST yields down -0.3bp at 2.746% and 2y yields up 1.5bp at 3.067%.
  • Bund futures are down -0.87 today at 157.23 with 10y Bund yields up 3.8bp at 0.854% and Schatz yields up 5.4bp at 0.360%.
  • Gilt futures are down -0.44 today at 118.07 with 10y yields up 2.0bp at 1.886% and 2y yields up 2.3bp at 1.764%.
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