The mountain of "stats" published this Wednesday gave birth to a mouse: insignificant differences in the United States, no more inspiration in Europe.
The day also had a political connotation in France (vote on the motion of censure at the end of the afternoon).
Our OATs are behaving reassuringly: the yield is up +1Pt to 2.911%... but the German Bund is up +2.1Pts to 2.0780, the Spanish Bonos +1.3Pt (the OAT/Bund spread is narrowing to +83/83.5Pts).

The Italian 'BTP' continues to crush its spread against the Bund with -1Pt to 3.235% (+106, and +33 against our OATs).... and the Greek '10 yr' widens the gap against our OATs with -4.4Pts at 2.893% (best performance of the day in Europe).
On the figures front, investors this morning took note of the HCOB composite PMI index of overall activity in the eurozone. This fell sharply from 50 in October to 48.3 in November (48.3 revised unchanged), signalling a return to contraction in the eurozone's private sector.

In France, the HCOB PMI composite index of overall activity fell sharply (-2.2pts) from 48.1 in October to 45.9 in November, signalling the sharpest contraction in French private sector activity since January.

It promised to be a volatile day in the US... but it was not, despite an avalanche of 'macro' data.
The '2034' T-Bond posted +2.3pts to 4.223%, while the '2-yr' widened its spread with the '10-yr' (down -4.1pts to 4.13%, compared with parity on Monday).

This afternoon, investors in the United States were treated to the ADP private employment survey and S&P Global's PMI Composite: the private sector created 146,000 jobs in November in the United States, a number slightly below expectations, according to the monthly survey published by ADP on Thursday.

By way of comparison, economists were expecting an average of 158.000 private-sector job creations last month in the United States.
The number of jobs created in November was revised downwards, from 233,000 to 184,000.

Growth in the US tertiary sector accelerated slightly less than initially estimated in November, to 54.9, compared with a flash estimate of 55.3 and 54.1 for the previous month.

The revised composite PMI index, which nonetheless remains at a 31-month high, reflects an expansion in overall activity that continues to be driven by services, while manufacturing output is again contracting.
This is in stark contrast to the ISM "services" index, which beat expectations of a slight downturn from 56 to 55: growth in the US service sector dipped more than expected - from 56 to 52.1- in November, according to the results of the Institute for Supply Management's latest monthly survey of purchasing managers.

The activity sub-index dipped to 53.7 from 57.2 the previous month, while the new orders sub-index fell to 53.7 from 57.4 in October.
The component measuring prices paid remained broadly stable, at 58.2 after 58.1 the previous month, but the employment sub-index deteriorated to 51.5 from 53 the month before.

After falling by 0.2% in September compared with the previous month (revised from the initial estimate of -0.5%), US industrial orders rose by 0.2% in October, according to the Commerce Department.
US industrial shipments fell by 0.2% in October compared with the previous month. Inventories fell by 0.1%, leaving the inventory-to-delivery ratio unchanged at 1.46 month-on-month.
In addition to macro data, tomorrow's bond markets will react to ECB President Christine Lagarde's speech from Brussels, followed by Fed boss Jerome Powell's in New York, to anticipate the evolution of monetary policies on both sides of the Atlantic.

Market participants will revise their strategies according to the political situation in France, where Michel Barnier's government is threatened by a motion of censure that could be adopted or rejected this evening.



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