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Followed US Treasuries

EGB SUMMARY

EGBs are trading lower this afternoon, with the European market reacting in tandem with US Treasuries, after a beat in US PMIs and US new home sales.

  • According to Markit:
  • U.S. Business Output Expands Most on Record,
  • Composite prices-received measure was highest in data to 2009
  • Gauge of manufacturing orders was the second-strongest on record
  • Bund is down 15 ticks at the time of typing as we head into the weekend.
  • German curve lean bear steeper, while peripheral spreads are wider against the German 10yr.
  • Italy is at the widest by 2.5bps.
  • Looking ahead, after market sees rating from Fitch on Finland and Netherland.
  • S&P on the UK, Italy, Greece, EFSF.
  • DBRS on Finland.
  • All attention now turns to the US FOMC next week.
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