Aug. 23 (Bloomberg) -- 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.
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