German Bunds Are Little Changed Before Euro-Area Output Report
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German government bonds were little changed before a report that economists said will show euro-area services and manufacturing contracted for a 15th month in April.
The 10-year yield was about two basis points from the lowest level in almost nine months. A composite index of activity in both industries based on a survey of purchasing managers held at 46.5, according to the median estimate of 26 analysts in a Bloomberg News survey. A reading below 50 indicates contraction. Spain is scheduled to auction as much as 3 billion euros ($3.9 billion) of 84- and 273-day bills today.