Bonds rallied after data showed France’s snap election disrupted euro-area business activity recovery. Regional stocks stayed lower.
Benchmark German bund yields dropped below 2.4%, falling six basis points after the data highlighted the election’s impact on manufacturing. S&P Global’s composite PMI fell to 50.8 in June, its worst month this year, against expectations of 52.5.
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US futures were slightly lower ahead of the triple-witching derivatives-expiration day. The AI-driven rally slowed after tech fund inflows hit a weekly record of $8.7 billion, according to Bank of America strategists citing EPFR Global data.
The Stoxx 600 Index extended declines, and the dollar held near its 2024 high after the PMI data. The pound briefly strengthened as UK retail sales grew at the fastest pace since January.
Wall Street is bracing for the triple witching, with about $5.5 trillion in derivatives set to expire Friday.
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