German Bunds Stay Lower After Euro-Area Manufacturing Contracts

German government bonds stayed lower after a report showed euro-area manufacturing contracted for a 12th month in July.

The 10-year bund yield advanced four basis points to 1.33 percent at 9:05 a.m. London time. The German two-year note yield rose two basis points to minus 0.08 percent.

A gauge of manufacturing in the 17-nation euro area fell to 44 from 45.1 in June, London-based Markit Economics said today. It had previously reported a reading of 44.1, with a level below 50 indicating a contraction.

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