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PMIs trigger FI rally

BONDS
  • This morning's disappointing flash PMIs from France, Germany, the Eurozone and the UK have set the tone in fixed income markets with fixed income rallying across maturity spectrums. Curves have actually bull flattened across EGBs and USTs while there has been a more parallel shift higher for the gilt curve (which has also seen the biggest moves of in excess of 12bp).
  • Looking ahead this will increase market focus on the US flash PMI at 9:45ET / 14:45BST while we will also receive new home sales and the preliminary benchmark revisions to the establishment survey data from the BLS.
  • TY1 futures are up 0-12 today at 109-14 with 10y UST yields down -6.1bp at 4.266% and 2y yields down -4.6bp at 5.002%.
  • Bund futures are up 1.17 today at 132.28 with 10y Bund yields down -9.8bp at 2.544% and Schatz yields down -7.9bp at 3.002%.
  • Gilt futures are up 1.49 today at 935.55 with 10y yields down -12.2bp at 4.519% and 2y yields down -12.1bp at 5.006%.
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