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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.
EMERGING MARKETS
- Turkey leads the rates space, trading slightly in the green – while SA & Russia see weakness resume in line with higher US Treasury yields at the start of this week.
- Risk aversion related to Evergrande is also denting global risk sentiment today. Risk premia, as reflected by the 5Y CDS, are up across Russia, SA & Turkey – with SA the highest on a 5-day basis.
- SA: SAGBs trade notably bear steeper today with 10-30Y yields up +7.8-9.7bp on the day. Both 10 & 30Y yields are now through their prior highs at 9.65 & 10.823 respectively – headed towards April/May levels. ZAR is also weaker at -0.28% vs the $, while stocks stand +0.24% higher
- RUSSIA: Russian OFZs continue to trade weaker in today's session -extending the recent run of weakness parked by upside inflation pressures and geopolitical risks. 7-10Y tenors are most offered today, trading +7bp higher. 10Y is now through 7.35 resistance at a YTD high of 7.40. RUB is -0.2% weaker vs the USD, but stocks are +1.09% higher on gains in Gazprom & oil.
- TURKEY: TurkGBs and USD bonds seem to be the exception in the space today, performing better, despite the higher headline and core CPI reading this morning. Nevertheless, positive performance is only marginal with yields just -1-3bp lower in both curves. 5-7Y USD bonds are leading the way at -2.4-3.4bp respectively. TRY remains subdued at -0.05% vs the $ and the XU100 is treading water at +0.24%.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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.
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