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BOND SUMMARY: Soft September PMI data out of the Eurozone has bolstered EGBs,
while US Treasuries have weakened slightly.
- Eurozone PMI data this morning was largely mixed (France fared poorer, Germany
fared better), though the unmistakeable theme was that of a slowing EMU growth
picture. The Dec 18 German Bund future is up 21 ticks at 158.95, having traded
in a range of 158.68-159.06.
- Treasuries are a little weaker, with the Dec9 T-Note future off 1.5/32 118-17.
The curve is slightly steeper, 2-Yr yields up 1.3bps at 2.817%, and 10-Yr up
1.5bps at 3.078%.
- Italian bonds are a higher, with fairly minimal news being good news (so far)
on the budget front amid ongoing government negotiations. The Dec 18 BTP future
is up 33 ticks at 126.88, trading in a range of 126.23-126.99 with the spread of
10-Yr BTPs vs Bunds down 3bps at 238.1bps.
- Rate futures are trading mixed, with Euribor 0.5-1.0 ticks higher across the
strip, and Eurodollars 1.0-1.5 lower (Whites are faring worst, off 1.5).
- Quiet end to the week for US data, with Markit Svcs/Mfg indices at 0945EST.