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The German bunds edged tad higher during European session Monday after the country’s industrial production for the month of May disappointed market investors, while eyes still remain on the 10-year auction, scheduled to be held on July 10 by 09:40GMT for further direction in the debt market.
The German 10-year bond yields, which move inversely to its price, slipped 1-1/2 basis points to -0.373 percent, the yield on 30-year note also edged 1-1/2 basis points lower to 0.230 percent and the yield on short-term 2-year remained flat at -0.741 percent by 10:30GMT.
German IP for May slightly ditched market estimates, albeit still consistent with a weak second quarter. In particular, having dropped 2.0 percent m/m in April, industrial production rose 0.3 percent m/m, compared to expectations of 0.4 percent m/m, Daiwa Capital Markets reported.
Manufacturing output rose a firmer 0.7 percent m/m, following a drop of 2.0 percent the previous month, with output of capital goods up 2.0 percent from a drop of 2.7 percent in April, the report added.
