MNI: UK NOV FINAL MANUF PMI 48.0 (FLASH 48.6); OCT 49.9

MNI: EUROZONE NOV FINAL MANUF PMI 45.2 (FLASH 45.2); OCT 46.0

MNI: GERMANY NOV FINAL MANUF PMI 43.0 (FLASH 43.2); OCT 43.0

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MNI: China CFETS Yuan Index Up 0.01% In Week of Nov 29

MNI: EUROZONE OCT UNEMPLOYMENT RATE 6.3%

MNI: FRANCE NOV FINAL MANUF PMI 43.1 (FLASH 43.2); OCT 44.5

MNI: ITALY NOV MANUF PMI 44.5 (FCST 46.0); OCT 46.9

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Subdued Start To New Year

JGBS

In morning trade of the first local session of the year, JGB futures are slightly weaker, -7 compared to settlement levels on Friday.

  • The session is data light, with Jibun Bank Japan PMI Mfg (F) as the sole release. It came in at 47.9 versus 47.7 prior. Monetary Base, Jibun Bank PMI Composite & Services and Consumer Confidence data are due tomorrow.
  • Cash US tsys are dealing unchanged in today's Asia-Pac session after finishing the NY session on Wednesday little changed. Trading was choppy following the release of the December FOMC Minutes.
  • The cash JGB curve has bear-steepened beyond the 1-year (2bps cheaper), with yields 0.5bp to 2.7bps higher. The benchmark 10-year yield is 1.7bps higher at 0.631% versus the Nov-Dec rally low of 0.555%.
  • Swaps curve has also bear-steepened, with rates flat to 1.3bps higher. Swap spreads are tighter across maturities.
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