Euro debt-Futures spike up briefly after U.S. data
03/03/2004 16:09
LONDON, March 3 (Reuters) - Euro zone government bond and
interest rate futures briefly spiked higher on Wednesday after a
weaker-than-expected survey on the services sector by the U.S.
Institute for Supply Management.
The ISM non-manufacturing index fell to 60.8 in February
from 65.7 in January and was below market forecasts for a
reading of 63.0. The employment component of the index
meanwhile fell to 52.7 from 53.4 in January
"We shouldn't get too concerned about continued recovery
prospects from these figures," said Investec economist Philip
Shaw.
"We must remember that the series is quite volatile even
though it is in general a fairly good guide to the pace of
activity in the U.S."
At 1510 GMT, the March Bund future was down 19
ticks on the day at 115.19, little changed from pre-data levels.
It briefly spiked to 115.27 but came straight back down as the
U.S. Treasury market remained weak.
The June Euribor interest rate future was down two
basis points at 97.955.
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