EUROPEAN FIXED INCOME UPDATE: bonds flip-flop on first day of new month
Analysis details (11:15)
No let up in the frantic pace and whippy price action in debt futures as core debt futures rebounded to fresh peaks on renewed FTQ flows before topping out when around the time that stocks drew a line in the sand. However, Bunds retreated further after Eurozone manufacturing PMIs came in mostly above consensus of flash readings, albeit modestly, and really went into reverse gear in wake of stronger than expected inflation data. The 10 year German benchmark recoiled from 149.46 to 148.24, but is back up near 149.00 as Gilts and the 10 year T-note bounce from 113.79 and 118-06 towards best levels (114.52 and 118-29+) awaiting the return of US participants and the manufacturing ISM alongside construction spending before the long July 4th holiday weekend.
01 Jul 2022 - 11:15- Fixed IncomeResearch Sheet- Source: Newsquawk
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