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PMI data driving markets this morning

BONDS
  • Bunds lead gilts which lead Treasuries with the PMIs being the biggest drivers this morning. Eurozone data saw the biggest misses versus expectations driving Euribor futures higher and seeing the terminal ECB rate lowered across the strip. Gilts moved higher in sympathy before pulling back somewhat when UK data missed expectations by less than the Eurozone. Treasuries have seen the smallest moves of the day. With larger moves at the front-end curves have generally bull steepened this morning.
  • Looking ahead we have round two of Powell's testimony today as well as the US PMI print and weekly claims data.
  • TY1 futures are up 0-14 today at 117-12+ with 10y UST yields down -4.9bp at 3.111% and 2y yields down -4.5bp at 3.013%.
  • Bund futures are up 2.22 today at 147.50 with 10y Bund yields down -18.0bp at 1.453% and Schatz yields down -21.0bp at 0.832%.
  • Gilt futures are up 0.77 today at 113.14 with 10y yields down -11.0bp at 2.387% and 2y yields down -12.4bp at 2.006%.
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