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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessPMIs drive core FI higher - with Bunds leading the way
Flash PMI data has been the driver of markets this morning.
- Bunds have seen the biggest moves in core fixed income with disappointing PMI prints across France, Germany and the Eurozone, with several of the prints coming in below 50 - with Germany in particular looking very weak. Schatz yields have fallen 21bp on the day with the Germany curve bull steepening.
- Gilts have been dragged around by Bunds but are underperforming - with the underperformance helped further by a slightly higher than expected PMI print - in contrast to the European misses.
- Treasuries have seen the smallest moves on the day, but have still moved higher, although the curve has flattened.
- Looking ahead, the only notable scheduled event is the US PMI print. Markets are likely to continue to digest this morning's PMIs, yesterday's larger-than-expected ECB 50bp hike and begin to look towards next week's FOMC meeting.
- TY1 futures are up 0-22 today at 119-19 with 10y UST yields down -6.6bp at 2.811% and 2y yields down -3.2bp at 3.055%.
- Bund futures are up 1.99 today at 154.17 with 10y Bund yields down -16.8bp at 1.050% and Schatz yields down -21.0bp at 0.436%.
- Gilt futures are up 1.02 today at 117.26 with 10y yields down -10.6bp at 1.938% and 2y yields down -12.1bp at 1.865%.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.