Bunds steady as investors await euro zone PMI surveys
LONDON, July 24
LONDON, July 24 (Reuters) - German Bund futures were little changed on Wednesday but could dip if a survey later in the morning on private sector activity in the euro zone surpasses expectations, as expected by some analysts.
Markit's flash composite Purchasing Managers' Index (PMI) measuring growth in both manufacturing and services is due later in the session. The release will come after a similar survey earlier showed China's manufacturing sector lost further momentum in July and the job market weakened.
German Bund futures were up 5 ticks on the day at 143.87.
"We are hopeful that in the second half (of the year) not only the U.S. but also Europe will do somewhat better and this should be reflected in higher (European) PMIs," Piet Lammens, strategist at KBC said.
"There is some doubt now, after this Chinese PMI, but we stick to our view ... that we might have an above-consensus outcome for these European PMIs. In this respect, there is maybe some scope for somewhat further (downward) correction in the Bund."
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