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(CEP News) - Following the downside surprise in both the German manufacturing and services PMIs, the German ten-year Bund was up 51.0 ticks to 121.34, with yields down 7.4 bps to 3.33%, and the 10-year gilt was up 68.0 ticks to 117.24, with yields down 7.3 bps to 3.82%.
The five-year Bobl was up 5.0 ticks to 114.80, the two-year Schatz was down 3.0 ticks to 106.77 and the March 2009 Euribor contract was trading down 3.5 ticks to 97.40. The spread between the 10-year Bund and 10-year U.S. Treasury notes widened 21.346 bps to -17.60. UK 30-year bond yields were down 10.6 bps to 4.21%, five-year bond yields were down 1.7 bps to 3.05%, while yields on the two-year bond were down 0.9 bps to 1.99%. The March 2009 Short Sterling contract was down 3.5 ticks to 97.33. Yields on U.S. 10-year Treasury notes were up 13.8 bps to 3.151%. According to preliminary estimates from Markit Economics published on Friday, the German purchasing managers index dropped sharply in November, coming in at a record low 36.7 for the month. Economists had expected a far more modest fall to 42.0 in November, down only 0.9 points from October's level. Additionally, Markit Economics reported that the services PMI also fell further in November, coming in at 46.2 for the month, its lowest level since June 2003. The median consensus had called for a less pronounced fall to 47.5 from October's 48.3 level. European stock markets were gaining with the Eurostoxx up 12.63 points to 1968.62, the UK FTSE 100 up 21.53 points to 3896.52 and the German DAX up 32.45 points to 4252.65. The Japanese Nikkei was trading up 207.75 points to 7910.79. The Canadian dollar was up 1.20 cents to 0.7834 against the USD (1.2766 USD/CAD). Against the euro, the loonie was up 0.58 cents to 0.6253 (1.5991 CAD/EUR). The U.S. dollar was up 1.48 to 95.19 and the euro was up 2.54 to 119.23, both against the yen. The euro was up 0.72 cents to 1.2526, while the pound sterling was up 1.16 cents to 1.4844, both against the USD. The euro was down 0.18 pence to 0.8438 GBP. The Swiss franc was down 0.28 cents to 1.2276 against the USD and down 1.22 cents to 1.5375 against the euro. All data were taken at 3:47 a.m. EST. Generated by CEP Newswires, edited by Sarah Sussman,
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