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The German bunds slumped during European session Thursday after investors have largely shrugged-off the lower-than-expected manufacturing PMI for the month of October, besides, the slight dip in Eurozone counterpart as well.
The German 10-year bond yields, which move inversely to its price, jumped nearly 4 basis points to 0.434 percent, the yield on 30-year note climbed 3 basis points to 1.064 percent and the yield on short-term 2-year too traded 2 basis points higher at -0.640 percent by 09:00GMT.
The headline IHS Markit/BME Germany Manufacturing PMI – a single-figure snapshot of the performance of the manufacturing economy – fell for the third month running in October, from 53.7 in September to a 29-month low of 52.2. The Index remained above the 50.0 no change mark thanks in part to increases in output and employment, though growth slowed on both fronts.
The rise in production in October was only marginal and the weakest seen since November 2014. Output was supported somewhat by clearing backlogs of work, the level of which fell for the second month in a row. It marked the first time that back-to-back declines have been recorded since 2013.
Further, the IHS Markit Eurozone Manufacturing PMI declined to a level of 52.0 in October. That compared to 53.2 in September and was broadly unchanged on the earlier flash reading of 52.1.
Meanwhile, the German DAX jumped 1.35 percent to 11,622.75 by 09:10GMT, while at 09:00GMT, the FxWirePro's Hourly Euro Strength Index remained neutral at -6.22 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex
