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The German bunds slipped during European session Thursday after the country’s manufacturing PMI for the month of October disappointed market expectations ahead of the European Central Bank’s (ECB) monetary policy meeting, scheduled to be held today by 11:45GMT shall provide further direction to the debt market.
The German 10-year bond yield, which move inversely to its price, surged 2 basis points to -0.377 percent, the yield on 30-year note also gained 3 basis points to 0.112 percent while the yield on short-term 2-year traded nearly flat at -0.664 percent by 09:40GMT.
The IHS Markit Flash Germany Manufacturing PMI meanwhile also remained firmly in contraction territory at 41.9 in October. This represented a marginal improvement from September’s ten-year low of 41.7, as rates of decline in factory output and new orders eased slightly.
However, weighing on the index were faster decreases in employment and stocks of purchases, alongside a more marked improvement in supplier delivery times.
The Flash Germany Composite Output Index – which is based on approximately 85 percent of usual monthly replies – registered 48.6 in October, little-changed from September’s near seven-year low of 48.5 and below the 50 no-change level for the second month in a row. Moreover, the survey showed employment falling for the first time in six years.
Meanwhile, the German DAX remained tad 0.49 percent higher at 12,860.91 by 09:50GMT.
