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Yields plummet on PMIs miss

BONDS
  • An incredibly busy day for EGBs and Bund (and Global Bonds), with the moves all triggered following the European PMIs miss this morning.
  • Bonds have seen upside continuation through the day, and extended even higher, following US PMIs also missing estimates.
  • Yields collapsed across the board, as recessions fears takes hold.
  • German 5yr Yield saw the largest 1 day fall since 1998.
  • Bund 10yr tested the 1.40% yield support.
  • Buxl trades close to a 700 ticks range, Bund nearly 400 ticks, and Bobl a whooping near 200 ticks.
  • Even Rate contract (Euribor), sees circa 40 ticks ranges.
  • All the developed countries spreads are wider against the German 10yr.
  • In peripherals Greece is in the lead by 11.3bps.
  • Looking ahead, ECB Nagel and Villeroy are yet to speak, while Powell is testifying before the house (has already started).
  • Sep Bund futures (RX) up 284 ticks at 148.12 (L: 144.81 / H: 148.45)
  • Germany: The 2-Yr yield is down 26.8bps at 0.794%, 5-Yr is down 28.6bps at 1.135%, 10-Yr is down 22.6bps at 1.412%, and 30-Yr is down 16.3bps at 1.672%.
  • Sep Gilt futures (G) up 158 ticks at 113.95 (L: 111.93 / H: 114.12)
  • UK: The 2-Yr yield is down 21.2bps at 1.932%, 5-Yr is down 21.2bps at 1.954%, 10-Yr is down 19.2bps at 2.307%, and 30-Yr is down 16.5bps at 2.566%.
  • Sep BTP futures (IK) up 176 ticks at 122.52 (L: 120.05 / H: 122.7)
  • Sep OAT futures (OA) up 245 ticks at 138.34 (L: 135.52 / H: 138.63)
  • Italian BTP spread up 2.9bps at 193.6bps
  • Spanish bond spread up 1.2bps at 109.1bps
  • Portuguese PGB spread up 4.3bps at 108.1bps
  • Greek bond spread up 12.7bps at 236.2bps
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