The US T-Bonds saw their yield rebound towards 1.475% (+ 3.3Pts) after the publication of 2 advanced activity indicators then of the weekly unemployment barometer (an interesting figure the day before the publication of the ‘NFP’).
The IHS Markit- PMI is revised down 62.1 from the flash estimate of 62.6, but remains close to its highest level since the start of the surveys in May 2007.
For once the US manufacturing ISM seems to be in harmony with the ‘markit’ PMI, which has undergone a slight downward revision from 61.2 to 60.6.
What investors will remember is the new increase for the ‘Country price’ component which posts a record 92.1 according to Markit … and the T-Bonds took a little time to react, that is to say consolidate .
In Europe, our OATs fell by -1.2Pts 0.122% while the PMI for France published this morning by IHS Market fell slightly from 59.4 in May to 59.0 in June … high water, well above the expansion threshold of ’50’.
“It will take a few months to measure the real impact of supply difficulties on the recovery of the economy after the health crisis”, nuance Joe Hayes, senior economist IHS Markit.
In the euro zone, the final PMI index recovered from 63.1 in May to 63.4 in June, thus exceeding its last flash estimate (63.1) and reaching a new all-time high for a fourth consecutive month.
The Bunds end the day with little change (-0.2030%) and it is the debts of the ‘South’ which benefit from a small buying flow, with Italian BTPs -2.5Pts towards 0.8030%, and Spanish Bonos which erase 2.2Pts 0.4000%.
Across the Channel, the Gilts suffered a slight increase of + 1Pt to 0.7280%.
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