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The Eurozone periphery bonds gained Tuesday after the region’s gross domestic product (GDP) for the second-quarter of this year failed to satisfy markets, missing expectations. However, it remained higher than the previous Q1 reading and above the European Central Bank’s (ECB) 2-3 percent target range.
The benchmark German 10-year bond yields, which moves inversely to its price, slipped nearly 1 basis point to 0.53 percent, the French 10-year bond yields fell 1-1/2 basis points to 0.79 percent, Irish 10-year bond yields slumped 3-1/2 basis points to 0.81 percent, Italian down by 2 basis points to 2.07 percent, Netherlands 10-year bond yields also traded nearly 2 basis points lower at 0.64 percent, Portuguese equivalents slid 1 basis point to 2.85 percent and the Spanish 10-year yields traded 1-1/2 basis points lower at 1.47 percent by 09:10GMT.
The pace of growth in the 19-member state bloc accelerated to 0.6 percent in the three months to June, in line with an average forecast from economists and a steady pace of expansion that will encourage policymakers. Quarterly growth edged up from 0.5 percent at the start of the year, while year on year growth leapt to 2.1 percent from 1.9 percent, according to official figures from Eurostat.
Further, the German manufacturing sector posted solid growth in July, albeit at a slightly slower rate than in June as new orders came in more slowly, a survey showed on Tuesday. Markit's Purchasing Managers' Index for manufacturing, which accounts for about a fifth of the German economy, fell to a five-month low of 58.1 in July from 59.6 in June.
Meanwhile, the pan-European STOXX 600 index rose 0.48 percent to 379.67, German DAX up 0.51 percent to 12,163.00, France’s CAC 40 surged 0.56 percent to 5,122.50 and the PSI20 Index traded 0.22 percent higher at 5,200.79 by 09:20 GMT, while at 09:00GMT, the FxWirePro's Hourly Euro Strength Index remained slightly bullish at 75.78 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex
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