Off French PMI Bests As Remainder Of Prelim. Readings Filter Out, Little Changed On Day

Benchmark EGBs are comfortably shy of their French-PMI inspired bests, after the mix of German & Eurozone PMI readings provided some counter.

• That leaves Bund futures little changed, with the German cash benchmarks running 1bp richer to 1bp cheaper, twist steepening as 30-Year yields nudge higher.
• Core/semi-core EGBs, as well as peripherals, are little changed vs. Bunds, with spreads moving less than 1bp vs. Thursday close as of typing.
• There hasn’t been much to go off outside of the data, with an overnight bid in European equity benchmarks unwound despite a strong end to the week for Chinese equities.
• Softer than expected UK services PMI data did little for the space.
• Meanwhile, Italy provided some backdated GDP revisions which will provide PM Meloni with a touch more fiscal headroom (such developments had been flagged by various source reports earlier this week).
• Comments from ECB Vice President de Guindos will cross later, but the European docket is fairly limited outside of that event.