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Paring some of the Month End flow

BONDS
  • EGBs and Bund have unwound some of the Month End bids from Friday afternoon.
  • Bid in Equities may have been helping, but liquidity remains super thin, as investors await the BoE rate decision this week and ALL EYES on the NFP on Friday.
  • This morning's final manufacturing PMIs for core, were revised lower and in contraction territory, besides Germany, revised 1 tenth higher.
  • The standout move has been in the BTP, with future rallying throughout the early trading session.
  • This looks to be a continuation from last week, after the Italian far right front runner's plans to sticking with the EU budget rules.
  • BTP/Bund spread is 6bps tighter, but Greece leads today, 6.9bps tighter against the German 10yr.
  • Gilt has traded inline with Europe, and Gilt/Bund spread is just 0.5bp wider.
  • UK Final Manufacturing was also revised 1 tenth lower.
  • US treasuries are mostly circa flat in the front end (2s, 5s and 10s), but the longer end 20s and 30s are deeper in the red.
  • Looking ahead, sees US Final manufacturing PMI and ISM manufacturing and price paid.
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