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Little Net Movement On PMIs, Off Best Levels

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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.
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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.