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The German bunds jumped on the trading day of the week Friday after the country’s manufacturing PMI for the month of November missed market expectations and gross domestic product (GDP) for the third quarter of this year remained unchanged, meeting consensus estimates as well.
The German 10-year bond yields, which move inversely to its price, fell nearly 1-1/2 basis points to 0.356 percent, the yield on 30-year note also slipped 1-1/2 basis points to 1.027 percent and the yield on short-term 2-year traded nearly 1 basis point lower at -0.647 percent by 10:15GMT.
German economic growth has stalled. As reported by the Federal Statistical Office (Destatis), gross domestic product (GDP) in the third quarter of 2018 - adjusted for price, seasonality and calendar effects - was 0.2 percent lower than in the second quarter of 2018. This is the first quarter-on-quarter decline since the first quarter of 2015. In the first half of 2018, GDP had risen by 0.5 percent in the second and 0.4 percent in the first quarter.
The IHS Markit Flash Germany Manufacturing PMI registered a 32- IHS Markit Germany Flash PMI month low of 51.6 in November, down from October’s 52.2. Further, the IHS Markit Flash Germany Composite Output Index fell for the third month in a row in November, down from 53.4 in October to a 47- month low of 52.2.
Meanwhile, the German DAX rose 0.37 percent to trade at 11,179.75 by 10:20GMT, while at 09:00GMT, the FxWirePro's Hourly Euro Strength Index remained neutral at -59.23 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex
