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Free AccessRemain Weaker Amid Mixed PMI Signals
Core/semi-core EGBs continue to trade weaker this morning, as markets digest the totality of this morning's flash PMI round.
- After reaching the lowest levels since November '23 following a strong French PMI print, Bund futures more than recovered after Germany's manufacturing PMI was weaker than expected. The overall Eurozone services print was above consensus, reaching a 50-handle for the first time since July '23.
- Within the PMIs, we note that there was a seemingly limited impact from Red Sea tensions on manufacturers, though services firms in France and Germany continue to cite wage pressures as a source of inflationary pressure.
- Bunds are -19 ticks at 132.40, with the first support now at 131.73 (1.0% 10-dma envelope). The contract reached an intraday low of 131.78 following the French data.
- The German cash curve has bear flattened on the day (a continuation of yesterday afternoon's dynamics), with yields just off year-to-date highs recorded this morning.
- Periphery spreads to Bunds are tighter, with European equity markets still higher on the day, even as Estoxx futures have moved off intraday (and near-record) highs.
- Eurozone final February inflation was in line with flash estimates.
- The remainder of today's regional docket is light, with this afternoon's US data (IJC, flash PMI) likely to garner cross-market interest.
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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.