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PMIs and Supplies

BUNDS

Bund moves off its best levels to trade at the lower part of the range, following the 77 ticks spikes yesterday, on the back of Equities plummeting

  • Estoxx futures is at the 38.2% retracement of that afternoon fall, while {us} Nasdaq (Futures) edges back towards the 50% retrace.
  • Curve is leaning bear steeper
  • Focus this morning turns to services PMIs, although will be final reading for France, Germany and EU.
  • SUPPLIES: German EU4bn Bobl (equates to 31.8k Bobl, or 13.6k Bund).
  • UK 2031 and 2046 (equate circa 62k Gilts).
  • This should keep the lid on UK Gilts into the bidding deadline
  • Speakers sees Fed Evans, Rosengren, Mester, and ECB Lane

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