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Off Highs Following Upward Manufacturing PMI Revisions

EGBS
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Core/semi-core EGBs are off intraday highs following mixed signals in the April manufacturing PMIs.

  • Bunds rallied after the Italian PMI printed notably below consensus at 47.3 (vs 50.4 cons), but gains were pared after the French, German and Eurozone final releases were revised upward.
  • The overall backdrop remains positive though, following yesterday’s less hawkish than expected Fed meeting.
  • Bunds are +42 ticks at 130.50, though the technical trend outlook remains bearish.
  • German and French cash yields are 3 to 4bps lower today.
  • This morning’s LT OAT auction saw solid demand metrics across lines.
  • 10-year periphery spreads to Bunds are tighter this morning, with European equity softness preventing any more notable moves to the downside.
  • The remainder of today’s regional data calendar is light, leaving markets to focus on this afternoon’s US data releases.
  • ECB’s Lane is scheduled to speak after hours.
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Core/semi-core EGBs are off intraday highs following mixed signals in the April manufacturing PMIs.

  • Bunds rallied after the Italian PMI printed notably below consensus at 47.3 (vs 50.4 cons), but gains were pared after the French, German and Eurozone final releases were revised upward.
  • The overall backdrop remains positive though, following yesterday’s less hawkish than expected Fed meeting.
  • Bunds are +42 ticks at 130.50, though the technical trend outlook remains bearish.
  • German and French cash yields are 3 to 4bps lower today.
  • This morning’s LT OAT auction saw solid demand metrics across lines.
  • 10-year periphery spreads to Bunds are tighter this morning, with European equity softness preventing any more notable moves to the downside.
  • The remainder of today’s regional data calendar is light, leaving markets to focus on this afternoon’s US data releases.
  • ECB’s Lane is scheduled to speak after hours.