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Looking ahead to the ISM manufacturing

BONDS
  • Core fixed income had been moving lower as equities ground higher earlier, however as the equity move lost pace, so did the move lower in FI. Bund and gilt futures are marginally higher on the day while Treasury futures are a little lower. This after Bund and gilt futures touched their lowest levels since 9 May and Treasury futures their lowest levels in a week.
  • German and gilt curves have flattened while the UST curve has marginally steepened.
  • This morning has seen little market reaction to European PMI final manufacturing prints, more important will be the ISM manufacturing print at 15:00BST / 20:00ET with JOLTs data due to be released simultaneously.
  • In addition there are a number of speakers today: ECB's Lagarde, Villeroy, Panetta and Lane; Fed's Williams and Bullard as well as the Fed's Beige Book due for release.
  • TY1 futures are down -0-6+ today at 119-08 with 10y UST yields up 1.8bp at 2.865% and 2y yields up 1.9bp at 2.578%.
  • Bund futures are up 0.08 today at 151.65 with 10y Bund yields down -0.2bp at 1.118% and Schatz yields up 1.8bp at 0.512%.
  • Gilt futures are up 0.10 today at 116.07 with 10y yields up 0.3bp at 2.103% and 2y yields up 3.0bp at 1.603%.
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