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Little headline drivers ahead of ISM

BONDS
  • There has been little in the way of headline drivers this morning for core FI with the China PMI disappointing overnight and more stories of lockdowns, but core FI moved lower through the Asian session.
  • This morning's European PMI manufacturing prints were mixed while Eurozone confidence data was disappointing.
  • European FI ground lower after the open, with BTP futures hitting a new cycle low and breaching the 130 psychological level. However, we have now recovered these losses and Bunds futures are now higher, BTP futures flat on the day but TY1 futures remain a little lower (despite being off their lows).
  • The German curve has bull flattened, while UST and BTP curves have bear flattened.
  • In the US session we will receive the final print of the S&P PMI andconstruction data for March but the main highlight will be the release of ISMmanufacturing data. The prices paid (and to a lesser extent employment)component will be closely watched in particular.
  • - TY1 futures are down -0-8 today at 118-29 with 10y UST yields up 0.4bp at 2.941% and 2y yields up 1.2bp at 2.730%.
  • Bund futures are up 0.31 today at 153.90 with 10y Bund yields down -1.5bp at 0.922% and Schatz yields down -2.8bp at 0.225%.
  • BTP futures are unch today at 130.34 with 10y yields up 1.3bp at 2.786% and 2y yields up 0.1bp at 0.725%.
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