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Though earnings thus far has not been a cause for concern, US April retail sales has flashed red for the first month of the 2Q. The weakness it was in non-store (i.e. online), general merchandise and health & personal care. There was growth in electronics & appliances, clothing and department stores. We wouldn't read too much into the sector level data - US card data from Bloomberg's "Second measure" did have headline weakness in April as well but sector trends did not line up with weakness more broad-based including in apparel & department stores. Outside of macro, primary was quiet with a single £Tesco 10Y that screened cheap to us - final pricing giving the staple a 5s10s term premium to match Tobacco risk. Vol in secondary was low but that should change with VF earnings next week. Key notes from this week linked below.


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Though earnings thus far has not been a cause for concern, US April retail sales has flashed red for the first month of the 2Q. The weakness it was in non-store (i.e. online), general merchandise and health & personal care. There was growth in electronics & appliances, clothing and department stores. We wouldn't read too much into the sector level data - US card data from Bloomberg's "Second measure" did have headline weakness in April as well but sector trends did not line up with weakness more broad-based including in apparel & department stores. Outside of macro, primary was quiet with a single £Tesco 10Y that screened cheap to us - final pricing giving the staple a 5s10s term premium to match Tobacco risk. Vol in secondary was low but that should change with VF earnings next week. Key notes from this week linked below.


Keep reading...Show less