PMIs the highlight as market focus is elsewhere

It has been a day without fireworks for EGBs with Bund futures almost unchanged on the day at only 0.02 above yesterday's close at the time of writing.

• Most of the more interesting moves were seen early in the European session after some disappointing services PMI numbers but good manufacturing numbers. Bunds initially moved higher on the French services number falling below 50 before rebounding as German manufacturing was much strong than expected.
• There has been little in the way of notable moves in spreads today but BTPs have moved above yesterday's highs on continued political optimism before retracing some of the move higher.
• Bund futures are up 0.02 today at 174.39 with 10y Bund yields down -0.5bp at -0.511% and Schatz yields up 0.5bp at -0.713%.
• BTP futures are up 0.09 today at 147.83 with 10y yields down -1.3bp at 0.851% and 2y yields down -0.9bp at -0.240%.
• OAT futures are up 0.09 today at 168.59 with 10y yields down -0.7bp at -0.248% and 2y yields down -0.1bp at -0.654%.