STIR: Solid PMIs help fuel EUR front end underperformance
* Driven by the underperformance following today's solid flash PMIs, the Z6/Z7/Z8 Euribor fly has backed up and is flirting with 60bps as the belly underperforms. * The summer improvement in the PMIs gave the ECB confidence to hike earlier this month, and today's numbers suggest there is little to push back on the hawk