German 10-Year Bunds Stay Higher as Euro-Area Output Contracts

German 10-year bunds stayed higher after a report showed an index of euro-area services and manufacturing output contracted more than estimated in September.

The nation’s 10-year rate was four basis points lower at 1.58 percent as of 9:05 a.m. London time.

A composite index based on a survey of purchasing managers in both industries in the 17-nation euro area fell to 45.9 from 46.3 in August, London-based Markit Economics said today. The median estimate of 23 economists surveyed by Bloomberg News called for a reading of 46.6. A reading below 50 indicates contraction.

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