It has been a busy day in global........>

EGB SUMMARY: It has been a busy day in global fixed income markets with PMIs in

France, Germany and the Eurozone setting the tone in the morning. For

manufacturing the French PMI came in below consensus, but the German PMI came in

above consensus - however this rise in German PMI was partially driven by an

increase in supply times related to delays in China. Normally an increase in

supply times is seen as a positive development as it indicates strong demand,

however if supply chains are affected this is a negative development which will

nonetheless move the headline number higher. However, the market was positioned

for a very poor number so fell through the rest of the European morning session.

- The afternoon has largely been range-bound, with a spike higher at the time of

the poor US PMI.

- Peripheral spreads are largely within a basis point of yesterday's close.

- Bund futures are up 0.04 today at 175.00 with 10y Bund yields unch at -0.446%

and Schatz yields up 0.2bp at -0.648%. BTP futures are up 0.21 today at 148.25

with 10y yields down -0.9bp at 0.895% and 2y yields down -0.4bp at -0.225%. OAT

futures are unch today at 167.57.