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French PMI disappoint

BOND SUMMARY
  • EU core Bond outperforms following European national PMI miss. Estoxx dropped 17 points and Bund gained 10 ticks on the French PMI miss, while the EURUSD drifted 20 pips on the release.
  • Bund extended gains to print a 177.27 high, but the move lacked real conviction, with most of the move emerging in FX, with broadbase selling in the currency.
  • Peripheral/semi core have lagged somewhat and are generally wider against the German 10 year.
  • Worst performer is Italy at 1.8bps wider in early European trading.
  • UK flash August PMI figures (55.3 manufacturing vs 54.0 exp, 53.3 prior ; 60.1 services vs 57.0 exp, 56.5 prior) were reflective of a "sharp and accelerated increase in business activity in August", per IHS Markit, with the Composite number the highest since Oct 2013 (60.3).
  • Most of the volumes in Gilt has been led by the rolls, with Sep20/Dec20 sold at 0.98 in 25k.US
  • Treasuries are underpinned, but sitting close to flat on the day, with S&P futures better offered on the margin.
  • Looking ahead, attention turns to US PMIs, Existing Home sales and EC Consumer confidence
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