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The highlight of the day has been the...>

EGB SUMMARY
EGB SUMMARY: The highlight of the day has been the release of PMI data this
morning with all the releases across the region surprising to the upside. French
data saw the biggest positive surprise while Germany saw the weakest.
- Bunds have underperformed both gilts and USTs today while Eurozone equities
have generally outperformed their peers. Peripheral spreads have narrowed in
line with the broader risk positive tone.
- In terms of supply Germany held a Schatz auction, the Netherlands a 20-year
green bond auction and Austria announced a 100-year syndication in the "near
future". ** Latest levels:
* Sep Bund futures (RX) down 46 ticks at 175.65 (L: 175.56 / H: 176.13)
* Germany: The 2-Yr yield is up 2.1bps at -0.665%, 5-Yr is up 1.7bps at -0.664%,
10-Yr is up 2.5bps at -0.414%, and 30-Yr is up 5.7bps at 0.067%.
* Sep BTP futures (IK) up 21 ticks at 143.68 (L: 143.26 / H: 143.85)
* Sep OAT futures (OA) down 38 ticks at 167.1 (L: 166.94 / H: 167.4)
* Italy / German 10-Yr spread 4.6bps tighter at 168.1bps

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