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Preliminary PMIs in focus

BUNDS
  • Bund has stayed underpinned overnight, as Risk tilts to the downside led by Tech and social media, with Snap (profit warning) dragging the likes of Alphabet and Twitter.
  • Nasdaq futures opened with a 138 points lower gap, Estoxx futures (VGM2) eye yesterday's low at 3648.00.
  • Bund is nonetheless well within yesterday's range, finding support just short of yesterday's low at 152.85.
  • Prelim PMI day, with services releases in Europe, UK and the US.
  • SUPPLY: Netherlands EU2bn 30yr (would equate to 12k Buxl), US $47bn 2y notes.
  • SYNDICATION: Austria EUR 2049 green Bond, and Italy EU5bn no grow 15yr.
  • SPEAKERS: ECB Villeroy and Fed Powell.

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