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Italian PMI beat expectations

ITALY

A beat for Italian PMIs, with services coming at 48.8 vs 46.6 expected and Composite at 50.4 versus 49.2 surveyed.

  • Bund turns offered on the margin, and Estoxx futures move off the low.
  • As noted on the open, some focus on the VGZ0 lower gap to 3188.52, now at 3196.00.

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