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German bunds plunge as investors await August trade balance, September CPI data

Source FxWire Pro Wednesday, 9 Oct, 2019 11:02:56 GMT
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The German bunds plunged during European session Wednesday as investors await the country’s trade balance data for the month of August, scheduled to be released on October 10 by 06:00GMT and the consumer price inflation (CPI) for the month of September, due for release on the following day by 06:00GMT for further direction in the debt market.

The German 10-year bond yield, which move inversely to its price, jumped 3 basis points to -0.566 percent, the yield on 30-year note surged 4 basis points to -0.071 percent and the yield on short-term 2-year traded nearly 1 basis point higher at -0.757 percent by 10:40GMT.

Consistent with the September PMIs, today’s Bank of France business sentiment survey signalled a loss of momentum at the end of the third quarter, particularly in the manufacturing sector, Daiwa Capital Markets reported.

Indeed, the headline index fell 3pts to 96, reflecting a drop in production that month, particularly in the manufacturing of machinery and electronic equipment. Nevertheless, with order books having improved slightly manufacturers anticipated a pickup in production in October.

And on average over the third quarter as a whole, the manufacturing sentiment index was only ½pt lower than the Q2 average. In the survey, services firms also suggested that activity slowed slightly in September, although the headline index at 99 remained close to the long-run average and still left the quarterly index unchanged from Q2 at 100, the report added.

And construction firms were a touch more upbeat about recent conditions in the sector, with the respective headline index rising 1pt to 105, a four-month high, Daiwa further noted in the report.

Meanwhile, the German DAX traded over 1.00 percent up at 12,090.96 by 10:45GMT.

Source: FxWire Pro - Commentary
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