MNI China Daily Summary: Monday, November 18

MNI BRIEF: China’s October Youth Employment Rate Remains High

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CHINA PBOC CONDUCTS CNY172.6 BLN VIA 7-DAY REVERSE REPOS MON

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MNI: US SEP BUSINESS INVENTORIES +0.1%; SALES +0.3%

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MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

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Citi Recommend Paying Oct ECB OIS

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Homepagemarkets-real-timeEuropean Central Bank (ECB) Market NewsBulletMarketsFixed Income Bullets

Late Wednesday saw Citi recommend paying Oct ’24 ECB-dated OIS.

  • They reasoned that “the progress of headline inflation towards the ECB’s 2% target confirms the direction of travel, but the stickiness in core argues for a cautious policy approach.”
  • “A 25bp cut in two weeks is essentially a done deal.”
  • “While pricing is likely to remain reactive to U.S. payrolls next week, a cut in October likely requires stronger domestic justification in the form of a sharp fall in core HICP.”
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Late Wednesday saw Citi recommend paying Oct ’24 ECB-dated OIS.

  • They reasoned that “the progress of headline inflation towards the ECB’s 2% target confirms the direction of travel, but the stickiness in core argues for a cautious policy approach.”
  • “A 25bp cut in two weeks is essentially a done deal.”
  • “While pricing is likely to remain reactive to U.S. payrolls next week, a cut in October likely requires stronger domestic justification in the form of a sharp fall in core HICP.”