The Eurozone PMIs have been the........>

BOND SUMMARY: The Eurozone PMIs have been the highlight of the European morning

session. Both manuf and services French PMIs were better than expected with the

first rise in international sales for 8 months.  Bunds and Treasuries moved

lower, and took another leg lower on the release of slightly better than

expected German PMI data. However, the sell-off was halted when the pan-Eurozone

PMIs were released with the manufacturing PMI disappointing expectations.

Services business activity growth fell to its weakest level for 5 and a half

years while manufacturing output fell for the first time in six years. The US

Markit PMI normally doesn't get much attention, but given the recent dovish tilt

by the Fed it may be watched a little more than normal with the only other key

US release existing home sales. The Fed's Clarida is due to be interviewed on

Bloomberg TV at 6:30ET, the first Fedspeak since Powell's presser and we look

for more colour on the Fed's thinking re inf exp and int'l econ weakness.

- TY1 futures are down -0-11 today at 127-23.

- Bund futures are down -0.37 today at 172.27.

- Gilt futures are down -0.31 today at 130.39.