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German bunds jump after December manufacturing PMI disappoints investors
The German bunds jumped during European session Friday after the country’s manufacturing PMI for the month of December disappointed market expectations, amid a muted trading session that witnessed data of little economic significance.
The German 10-year bond yields, which move inversely to its price, slumped 2-1/2 basis points to 0.257 percent, the yield on 30-year note fell nearly 2 basis point to 0.882 percent and the yield on short-term 2-year too traded 2 basis points lower at -0.600 percent by 10:00GMT.
The IHS Markit Flash Germany Composite Output Index registered 52.2 in December. Though down only fractionally from November’s 52.3, it was nevertheless the lowest reading for four years. By sector, data showed a slight pick-up in manufacturing output growth to a three-month high. However, this was offset by a slower rate of increase in service sector business activity, the second-weakest seen in over two years.
Despite the slightly firmer increase in goods production, December saw the IHS Markit Flash Germany Manufacturing PMI slip to 51.5 from 51.8 in November, signalling the weakest improvement in business conditions in the sector IHS Markit Germany Flash PMI since March 2016. The fall in the index mainly reflected a renewed contraction in manufacturers’ stocks of purchases and easing supply chain pressures.
Meanwhile, the German DAX lost 1.25 percent to 10,789.45 by 10:10GMT, while at 10:00GMT, the FxWirePro's Hourly Euro Strength Index remained slightly bearish at -79.02 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex