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Free AccessPMIs Paint Mixed Picture
European govies trade mixed this morning alongside broad equity gains, modest upside for oil and G10 FX strength vs the USD.
- The gilt curve has bear steepened with the 2s30s spread 2bp wider.
- Bunds started the session on a strong footing and have gradually traded weaker and back to unch on the day. Last yields: 2-year -0.7680%, 5-year -0.7714%, 10-year -0.5651%, 30-year -0.1454%.
- OATs have similarly given up some of the early gains while continuing to trade above yesterday's close.
- BTPs have rallied with cash yields 2-4bp lower on the day.
- French preliminary PMI data for October was a touch weaker than expected while the German composite surprised higher on the back of a strong outturn for manufacturing (58.0 vs 55.0 survey). There was a marginal improvement in the Eurozone composite, which remains in contraction territory. The UK PMIs remain healthy, with only a slight deterioration in the services estimate (52.3 vs 53.0). UK retail sales were also stronger than expected in September (Ex auto: 1.6% M/M vs 0.5% survey)
- The DMO earlier sold GBP1.75bn of 1-/3-/6-month T-bills.
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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.