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What to Watch: Alert For Late Hour Fed Speak Ahead Blackout

MARKET INSIGHT

FI markets trading steady to mildly mixed, off lows with 30Y bond firmer now but still holding inside overnight range ahead the NY open.

  • No scheduled Fed speakers as yet ahead policy Blackout at midnight tonight. However, like SF Fed Daly interview on Yahoo Finance Thursday, there is a good chance of more unscheduled speakers getting the word out.
  • Data on tap at 0945ET (prior, est):
    • S&P Global US Manufacturing PMI (58.8, 58.0)
    • S&P Global US Services PMI (58.0, 58.0)
    • S&P Global US Composite PMI (57.7, 57.9)
  • No Treasury supply:
    • But next week sees US Tsy auction $48B 2Y, $49B 5Y and $44B 7Y notes.
  • Stocks little weaker after Thursday's sell-off (ESM2 -8.25 at 4482.25), also an inside overnight range. Salient earnings ahead the open: American Express (AXP) and Verizon (VZ), Schlumberger (SLB) and Newmont (NEM).
  • Geopol risk: Market remains alert for developments on Russia war in Ukraine, knock-on effect to markets. In a joint interview with Ouest-France, Funke and Corriere della Sera, French President Emmanuel Macron confirmed that France is sending shipments of Milan anti-tanks missiles and Caesar self-propelled howitzers to Ukraine.

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