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The German bunds traded flat Thursday after the country’s gross domestic product (GDP) for the third quarter of this year showcased a solid reading, albeit unchanged from that in the second-quarter. Also, the manufacturing PMI for the month of November beat market expectations, thus further, weighing on the debt market.
The German 10-year bond yields, which move inversely to its price, traded tad lower at 0.35 percent, the yield on 30-year note hovered around 1.18 percent and the yield on short-term 2-year traded 1/2 basis point higher at -0.69 percent by 09:40GMT.
The second release of German Q3 GDP data this morning confirmed the preliminary estimate of 0.8 percent q/q growth, one of the strongest readings in recent years and unchanged from that in Q2. Compared to a year ago, economic output rose by 2.8 percent y/y, the steepest rise in six years. The detail of the expenditure breakdown, however, was a mixed bag.
While consumer confidence remains exceptionally strong, private consumption actually slipped back by 0.1 percent q/q to represent the first decline since the end of 2013. And around a half of growth on the quarter was accounted for by inventory accumulation, representing a second consecutive quarter when inventories provided a positive contribution, hinting that we might see at least somewhat weaker growth from this source this quarter.
The IHS Markit Flash Germany Composite Output Index registered 57.6 in November, up from 56.6 in October and coming in just shy of September’s six-and-a-half year high. The IHS Markit Flash Germany manufacturing PMI climbed to 62.5 in November, up from 60.6 in October and signaling the second-greatest improvement in business conditions since the survey began in April 1996.
Meanwhile, the German DAX traded 0.35 percent down at 12,968.00 by 08:45 GMT, while at 08:00GMT, the FxWirePro's Hourly Euro Strength Index remained neutral at -24.00 (higher than +75 represents bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex
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