EUROPEAN FIXED INCOME UPDATE: bond bears pounce on PMI bounces

Analysis details (10:41)

Debt futures faded from post-French PMI peaks and never really threatened best levels again even though two out of three UK PMIs fell some way short of expectations as well. In fact, Bunds returned to flat on the day within a 130.19-129.50 range and OATs recently dipped below par between 124.87-124.21 parameters, while Gilts are holding above 96.00 having reached 96.37 from their 95.65 early Liffe low by virtue of the fact that the BoE stood pat yesterday more than anything else. However, the T-note is closer to 108-19+ overnight high than 108-09 base awaiting the fate of preliminary US PMIs and Fed rhetoric from Daly, Cook and Kashkari with an element of pre-weekend short covering probably in mind.

22 Sep 2023 - 10:41- Research Sheet- Source: Newsquawk

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