Stocks Begin Second Quarter Subdued Following Mixed Data

European shares[i]were mixed on Monday as the dollar continued to edge higher. European yields were slightly lower with the 10-year Bund yield is down by 0.6 basis points at 0.957%, and Gilts were off by 2.6 basis points at 1.112%, while most yield spreads of the southern periphery relative to the German benchmark are wider. The pan-Europe Stoxx 600 equity index is up by 0.2%. The U.S. 10-year T-note yield is off by 0.4bp at 2.382%, while S&P 500 futures are signaling an unchanged open on Wall Street later relative to Friday’s closing level. Data was mixed but generally in line with expectations, with Eurozone unemployment dipping to an eight-year low of 9.5%, and final reading for the March Eurozone manufacturing PMI confirmed at 56.2, affirming the above-forecast preliminary estimate. The UK March manufacturing PMI undershot forecasts, at 54.2, which accounted for the relatively large dip in Gilt yields relative to Bund yields.


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