It has been a relatively uneventful....>

BOND SUMMARY: It has been a relatively uneventful start to the session. This

morning's European PMIs for December show signs of improvement, but indicate

persisting weakness in the manufacturing sector. 

- USTs have traded weaker this morning. Current cash yield levels: 2-year

1.575%, 5-year 1.704%, 10-year 1.932%, 30-year 2.399%.

- A poll of UK Labour Party members reveals that Shadow Brexit Secretary Keir

Starmer is the leading candidate to replace Jeremy Corbyn as party leader. 

- Gilt yields are broadly 2-3bp higher on the day.

- The German bund curve has bear flattened. The 2-year benchmark yield is

underperforming the curve. 

- The French OAT curve has similarly flattened with the 2s10s spread narrowing

2bp on the day.

- There has been more movement in BTPs with yields up 3-5bp, with the longer-end

marginally underperforming. 

- US initial jobless claims and the final December manufacturing PMI print will

be published later today.