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Strong European data unwinds some of yesterday's post-JOLTS rally

BONDS
  • This morning core fixed income has come under a bit of pressure, partially reversing some of yesterday's JOLTS-inspired rally. We were already a little off the highs seen in late trading yesterday by the time Europeans got to their desks but the German curve took another leg lower (and bear flattened) on the back of stronger-than-expected German factory orders data, pulling other core FI lower with it. French IP data was also stronger-than-expected before the Spanish and Italian services PMI data both came in stronger-than-expected. Of the final service PMI releases only France saw a notable revision (lower) - although this could have potentially been skewed by the strikes.
  • Looking ahead we will receive the ADP employment print and the final print of the US Markit services PMI ahead of the main release of the day - ISM services, where the employment and prices paid components will be in particular focus.
  • TY1 futures are down -0-10 today at 115-30 with 10y UST yields up 2.8bp at 3.369% and 2y yields up 6.3bp at 3.891%.
  • Bund futures are down -0.41 today at 135.88 with 10y Bund yields up 5.2bp at 2.298% and Schatz yields up 7.7bp at 2.665%.
  • Gilt futures are down -0.75 today at 103.52 with 10y yields up 7.4bp at 3.505% and 2y yields up 7.3bp at 3.408%.
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