European Shares Sell off following Disappointing PMI Data

European yields declined with bonds underpinned by safe haven flows as stock markets came under pressure. Disappointment over the failed agreement on Brexit terms which could have paved the way for early talks on trade and transition weighed on stock markets and underpinned EGBs. A weaker than expected U.K. Services PMI and disappointing retail sales data out of the Eurozone added support, while the strong EMU Services PMI was shrugged off.

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