June 03, 2024 07:52 GMT
Little Net Movement On PMIs, Off Best Levels
EGBS
Negligible moves for Bunds around the mixed French (final), Spanish & Italian manufacturing PMIs with Bund futures a touch softer than levels seen ahead of the Spanish data and the broader German FI space off best levels of the day.
- German yields are 0.5-1.5bp softer on the session, with light bull flattening on the curve.
- Peripherals are little changed to a touch tighter on the day, with BTPs outperforming at the margin.
- OATs are little changed vs. Bunds despite Friday’s negative French ratings action from S&P, while 10-Year IRISH spreads to Bunds are little changed despite Friday’s positive Irish ratings action from Fitch.
103 words