-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
Commodities
Real-time insight of oil & gas markets
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Chart Packs -
About Us
To read the full story
Sign up now for free trial access to this content.
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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessASIA/US/EUROPE BD/STK RECAP:TSYS DIGEST ADP; AUG REFUNDG NEXT
US TSYS SUMMARY: Treasuries see mild dip buying on +178,000 July ADP
private payroll report.
US TSYS SUMMARY: Treasuries prices opened NY lower ahead of 8:15 July ADP US
private payrolls report and 8:30am ET US Tsy Aug refunding auction announcement.
Tsys also pressured by a sharp fall in UK Gilts, and by large 7:06am ET recent
block sale in Tsy futures of 13,820 TYU 10Y futures at 126-02.
- TOKYO: Light buying early in Tsy 2Y through 10Y notes, while banks also bought
some 5Y notes. Then some Tsys sales by Asian central banks in five year notes
and shorter maturities. Japan's Nikkei gain spurred some risk-on selling.
- LONDON: Tsys slightly weaker as German Bunds drew good buying but also put
buying. However Tsys also saw some US accounts buying and also credit tied
buying; other banks sold sevens and tens. European stocks traded lower while US
stock futures traded higher due to above expectations Apple earnings and
revenues out late Tuesday. Gilts hurt by NIESR comments overnight as it urged
BOE to raise rates in 1Q 2018, start to debate policy normalization.
- US SWAPS: Running wider, spread curve flatter; macro paying in intermediates,
tens and thirties.
- US EURODLR FUTURES: Mildly lower across strip, Whites-Reds outperform.
- HIGH-GRADE CORPORATES: Wed: NIB $500m 2Y.
EGB SUMMARY: German Bunds are trading modestly higher but with little
conviction, having shrugged off earlier weakness following solid demand at
German 10-year re-opening auction, and Gilts bounce off session lows. German
10-yr yield is 0.1bp lower at 0.49%, while curve is little changed.
- Bunds opened little changed Wednesday with little direction seen from Asian
markets overnight and lack of Eurozone data also seen to change market
sentiment, with only the German 10-yr auction seen as the key event. In the end
the auction went off without a hitch and cover came in at 1.5 times, supporting
a mild bid in Bund futures.
- The long-end of EMU Periphery bonds have recovered from earlier pressure which
saw them trade around 2bp to 3bp higher as markets looked ahead to Spain and
French bond auctions tomorrow. Greece is the stand-out underperformer though
with Bund/Greek 10-yr spread 7bp wider despite lower yield and higher demand at
Greek 26-week T-bill auction. - There was not much market reaction to Eurozone
June PPI data that came in-line with expectations at -0.1% m/m.
GILTS: UK Gilts declined amid pressure from the get-go Wednesday, seen weighed
by overnight comments from the UK's National Institute of Economic and Social
Research (NIESR). However, prices have pared losses on the back of mild profit
taking, helped by weaker than expected construction PMI.
- Gilt 10-year yield is +2.2 bps at 1.2323%.
- Gilts opened much weaker as NISER called for the Bank of England to raise
rates in the first quarter of 2018 and to open up a debate on policy
normalisation, while expecting growth to pick up in the second half of 2017.
- Gilts faded the lower move as future hit 1st resistance at 124.74 (21-DMA) and
in wake of weak July construction PMI (51.9 vs consensus of 54.0). This only
produced more sellers though and Gilt future eventually hit fresh session low.
- This seemed to flush out the last of the sellers and buyers gradually returned
to the markets and pushed Gilts back up towards session highs.
- UK swap spreads are mixed with short-end tighter, while the long-end is wider.
While Breakevens are little changed despite firmness in sterling.
--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
Sign up now for free trial access to this content.
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.