German 10-Year Bunds Stay Higher After PMI Data; Yield is 1.43%

German 10-year bunds stayed higher after a report showed the nation’s services output unexpectedly contracted in August.

The yield on the securities dropped three basis points to 1.43 percent as of 8:39 a.m. London time.

An index based on a survey of purchasing managers in the services industry was 48.3 from 50.3 in August, London- based Markit Economics said today. The median estimate of 25 economists in a Bloomberg News survey called for a reading of 50.1. A reading below 50 indicates contraction.

An separate manufacturing index was at 45.1, Markit said, indicating a sixth month of contraction.

To contact the reporter on this story: David Goodman in London at dgoodman28@bloomberg.net

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