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Off Highs

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EGBs are off session highs after modest upward revisions in the French, German and Eurozone final manufacturing PMI readings help reverse some the rally that came on the back of a notably softer-than-expected Italian survey reading.

  • Still, the combination of the Fed feedthrough, post-holiday catch up (including yesterday’s weakness in oil) and Italian PMI prints leave yields lower on the day.
  • German yields are 2.5-3.5bp lower, with 5s outperforming.
  • EGB spreads to Bunds are little changed to a touch tighter across much of the curve, with BTPs outperforming post-Fed (aided by tighter credit spreads).
  • OATs are a touch tighter vs. Bunds across the curve, with wider market movements countering any worry surrounding the duration intensive French supply due shortly.
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EGBs are off session highs after modest upward revisions in the French, German and Eurozone final manufacturing PMI readings help reverse some the rally that came on the back of a notably softer-than-expected Italian survey reading.

  • Still, the combination of the Fed feedthrough, post-holiday catch up (including yesterday’s weakness in oil) and Italian PMI prints leave yields lower on the day.
  • German yields are 2.5-3.5bp lower, with 5s outperforming.
  • EGB spreads to Bunds are little changed to a touch tighter across much of the curve, with BTPs outperforming post-Fed (aided by tighter credit spreads).
  • OATs are a touch tighter vs. Bunds across the curve, with wider market movements countering any worry surrounding the duration intensive French supply due shortly.