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Moving lower

BONDS
  • After moving a little higher in early European trading, Bund futures have led the way lower over the past hour or so, moving below yesterday's low to the lowest level since May 9. There seems to be a mild, broad risk-on tone in markets this morning, but with little notable triggers.
  • We have had the Spanish PMI released already that was higher than expected (but unlikely to account for the move) and we are due Italy at 8:45BST / 9:45CET with final prints from France, Germany, the Eurozone and UK shortly after.
  • The next major low in Bund futures is a 150.49, the May 9 low and bear trigger.
  • Gilts and USTs also being dragged lower on the day.
  • TY1 futures are down -0-10 today at 119-04+ with 10y UST yields up 3.9bp at 2.886% and 2y yields up 3.1bp at 2.590%.
  • Bund futures are down -0.32 today at 151.25 with 10y Bund yields up 2.9bp at 1.149% and Schatz yields up 2.5bp at 0.519%.
  • Gilt futures are down -0.22 today at 115.75 with 10y yields up 3.5bp at 2.135% and 2y yields up 3.8bp at 1.611%.
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