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Free AccessBRIEF: ECB's Panetta-Time To Start Thinking Of NGEU Successor
MNI China Daily Summary: Wednesday, Aug 21
ASIA/US/EUR BOND/STK RECAP: US TSYS WEAK;EYE HSE,SEN TAX VOTE
US TSYS SUMMARY: US Treasuries open NY mainly mildly weaker, 30Y exception
as 2/30Y, 2/30Y and 5/30Y all see curve flatteners after Monday sharp steepening
move. Big news today is the House tax bill vote at 1:30pm ET; Senate then votes
soon after. Traders appear to believe most stock-boosting/Tsys pressure effect
of tax bill passage may potentially be all priced in, given long preparation for
today's key congressional votes.
- TOKYO: Tsys opened mixed, holding range into UK crossover. Mkt players faded
Mon's steepening; flow included buyers of 30s, 5s30s flatteners, two-way in
short end. Asian central bank buying arose in 5s, while institutional accts sold
short end vs. 5s, 10s. Asia real$ bought long end.
- LONDON: Carry-over long end bid, long end Tsy futures making new overnight
highs in last hour.
- OVERNIGHT REPO: Tsy 2Y notes tight: shorts set into next wk 2/5/7Y auctions.
- US SWAPS: Steady to mildly wider. EURODLR FUTURES: Recent large sale of 20K
EDM8 at 98.065.
- US HIGH-GRADE CORPORATE BOND ISSUANCE: Nothing expected. US high-grade, US
high-yield and EMG Mkt CDXs all tighten.
EGB SUMMARY: 30-yr part of core/semi-core EGB markets are underperforming ahead
of NY opening, weighed by overnight steepening in the US Treasury curve and
continued rise in Eurozone 5Y5Y inflation forward. German 10-yr Bund yield is
2.2bp higher at 0.331%, albeit in light volume and lack of depth to the market,
while 30-yr is 3.0bp higher at 1.15%.
- Eurozone 5Y5Y inflation forward rose to 1.745% fresh 10-month high which some
attributed to rise in long end yields. While comments from ECB Hansson that he
expects the ECB to adjust its communication in the first half of 2018 also seen
weighing on sentiment.
- EU periphery bonds though have enjoyed another solid day, led by a 2.1bp
tightening in Bund/Bonos spread to 110.5bps, despite expectation Thursday's
election will be inconclusive.
- German IFO came in mixed with both business climate and expectations falling
slightly, however current assessment ticked higher and IFO said that German
businesses were "full of festive spirits".
GILT SUMMARY: Gilts are trading steady to lower in light pre-Christmas trade
with the yield curve steepening as the long-end is weighed by overnight
steepening move in US Treasuries and as markets take profits on flattening move
seen last week. 5s/30s is 1.5bp wider at 101.9bps compared to yesterdays fresh
9-year low of 100.2bps.
- There has been a dearth of UK data released today so attention has been on
German IFO and movement in US Treasuries, so news that US Tax reform is likely
to get voted through on Wednesday weighed on the long-end of the curve first
thing. There was little to no impact from mixed German IFO numbers, but gilts
faded lower taking cue from sell-off in Bunds, probably led by hawkish
interpretation of ECB Hansson comments.
- Wrangling over if the UK could get a bespoke trade deal with the EU continued,
but was likely just grand standing before talks start in March.
- Swap spreads are marginally tighter led by 2-yr and breakevens a touch wider.
--MNI New York Bureau; tel: +1 212-669-6432; email: sheila.mullan@marketnews.com
[TOPICS: MTABLE,MNUEQ$,M$U$$$,MR$$$$,M$$FI$,MN$FI$]
To read the full story
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Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.