© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MNI: FED'S POWELL STILL SEES POSSIBLE PATH TO SOFT LANDING

MNI: POWELL: FED PREPARED TO TIGHTEN FURTHER IF APPROPRIATE

FED'S GOOLSBEE: 'YOU CAN'T BACK OUT NOW' ON INFLATION FIGHT

MNI: BAKER HUGHES US RIG COUNT 625; OIL RIGS 505; GAS RIGS 116

EZ/UK T-Bill Calendar: Germany, Netherlands, France Due Monday

EZ/UK Bond Supply Calendar: BOE Long APF Operation on Monday

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

MNI BRIEF:Macklem-Fiscal Policy Turning Unhelpful On CPI Fight

MNI BRIEF: Stabilizing Prices Helps BOC Turn Neutral-Freeland

Bunds Under Light Pressure to Start The Week, Watch BTPs & PGBs Post-Ratings Updates

EGBS
HomepageBond Market NewsBulletMarketsFixed Income News

A further uptick in crude oil futures and U.S. Deputy National Security Advisor Finer suggesting that there has been a move closer re: a final agreement on Hamas-held Israeli hostages weighed on core global FI markets overnight.

  • Bunds last -24, just off the base of a contained 22 tick session range.
  • Slightly softer than expected German M/M PPI data provided some (brief and modest) cushion.
  • Technically, Bund futures maintain a firmer short-term tone following last week’s gains and short-term pullbacks are considered corrective. Initial support and resistance come in at the November 15 low (130.36) and November 17 high (131.74)
  • After-market Friday rating highlights included Moody’s moving Italy to a stable outlook footing (from negative), remaining one-notch above sub-IG status. Moody’s flagged “a stabilisation of prospects for the country's economic strength, the health of its banking sector and the government's debt dynamics" alongside the decision.
  • Also note that Portugal received a two-notch upgrade at Moody’s, to A3, with a stable outlook.
  • Sell-side names generally look for cross-market outperformance in PGBs and relief support in BTPs as a result.
  • There isn’t much left of note on the regional European docket throughout today, which will leave participants on headline watch. Note that spill over from gilts could be seen in the wake of weekend headline flow/speculation re: UK fiscal matters.
  • On the issuance front, Slovakia will come to market with ’27, ’32, ’33 and ’35 paper on Monday.
236 words

To read the full story

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.

A further uptick in crude oil futures and U.S. Deputy National Security Advisor Finer suggesting that there has been a move closer re: a final agreement on Hamas-held Israeli hostages weighed on core global FI markets overnight.

  • Bunds last -24, just off the base of a contained 22 tick session range.
  • Slightly softer than expected German M/M PPI data provided some (brief and modest) cushion.
  • Technically, Bund futures maintain a firmer short-term tone following last week’s gains and short-term pullbacks are considered corrective. Initial support and resistance come in at the November 15 low (130.36) and November 17 high (131.74)
  • After-market Friday rating highlights included Moody’s moving Italy to a stable outlook footing (from negative), remaining one-notch above sub-IG status. Moody’s flagged “a stabilisation of prospects for the country's economic strength, the health of its banking sector and the government's debt dynamics" alongside the decision.
  • Also note that Portugal received a two-notch upgrade at Moody’s, to A3, with a stable outlook.
  • Sell-side names generally look for cross-market outperformance in PGBs and relief support in BTPs as a result.
  • There isn’t much left of note on the regional European docket throughout today, which will leave participants on headline watch. Note that spill over from gilts could be seen in the wake of weekend headline flow/speculation re: UK fiscal matters.
  • On the issuance front, Slovakia will come to market with ’27, ’32, ’33 and ’35 paper on Monday.