Market Comment | Disappointing manufacturing data lower bond yields

Summary

Disappointing manufacturing data added concerns about the growth outlook, contributing to increase markets expectations of a ECB rate cut at tomorrow’s meeting. In this context, European government bonds benefitted, especially peripheral bonds.

Key points

• Key points:
• U.S. trade negotiators are set to travel to China next Monday for face-to-face negotiation.
• The Flash Eurozone PMI composite in July was worse-than-expected while, in the U.S. it increased slightly.

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