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German 10-Year Bunds Stay Higher After Euro-Area PMI Data

March 22 (Bloomberg) -- German 10-year bunds stayed higher after a report showed euro-area services and manufacturing output contracted more than economists forecast in March.

The 10-year bund yield was six basis points lower at 1.92 percent as of 9:14 a.m. London time.

A euro-area composite index based on a survey of purchasing managers in both industries dropped to 48.7 from 49.3 in February, London-based Markit Economics said in an initial estimate today. Economists forecast a gain to 49.6, according to the median of 21 estimates in a Bloomberg News survey. A reading below 50 indicates contraction.

To contact the reporter on this story: Keith Jenkins in London at kjenkins3@bloomberg.net

To contact the editor responsible for this story: Daniel Tilles at dtilles@bloomberg.net

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