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European yields after initially moving down from opening highs, have increased back again. Gilt futures are slightly down on the day. Eurozone spreads are widening with peripheral bond markets underperforming, while Italian and Spanish stock markets managed to outperform. DAX and FTSE 100 are narrowly mixed.

Risk aversion continues to linger, but oil prices are up from lows and stock markets seem to be stabilizing, with Eurozone markets underpinned by upward revisions to services and composite PMI readings and as lenders bounced back from recent lows after earnings reports. The U.K. services PMI meanwhile confirmed the slump in sentiment following the Brexit referendum. In the cash market the 10-year Bund yield was up 0.5 basis points at -0.04.

Oil prices are firmer Wednesday after a run of 10 straight down sessions. The Brent benchmark is presently showing nearly a 1% gain, at 42.20, up from yesterday’s near four-month low at 41.51. A close above 41.98 today would confirm the first daily gain since July 20. A 1.3 million barrel drop in U.S. API crude inventories in the latest reporting week has supported oil prices, although the figure was near to expectations. Focus now turns to the upcoming release of EIA inventory report, which is scheduled to be released at 10:30 AM ET.

ECB buying weighs on corporate bond yields. The ECB’s spending spree has led to a marked drop in refinancing costs not just for governments, but also for corporates. An analysis highlighted that more than a fifth of corporate bonds purchased by the ECB so far came with a negative yield. The yield still has to be higher than the -0.4% deposit rate and with yields continuing to head south and more than 60% of German government bonds now showing a yield below that level, the ECB increasingly faces supply constraints.

UK Final July Services PMI was Unchanged

UK final July services PMI was confirmed at 47.4, matching the preliminary figure and following the June reading of 52.3. The component parts fell to readings not seen since the 2009 post-financial crisis recession era. The composite PMI reading worked out at 47.5, revised down from the preliminary estimate of 47.7. The sharp downward revision to the manufacturing PMI weighed on the final reading of the composite figure. The report pains an unambiguously dismal picture in the first full month of business following the vote to leave the EU.

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