FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Corporate Credit Risk: Well Off Early Highs

US
Corporate credit risk held higher levels at midday -- well off early session highs even as equities traded weaker/near lows in lead up to March FOMC minutes.
  • Follow-through hawkish Fed rhetoric: "Acutely concerned" by rising inflation, Philly Fed Harker also expects a series of "deliberate, methodical hikes" similar to Brainard's but near verbatim from last week's statements. Barkin open to 50bp hikes if needed: a "judgement call" on the road to 9-10 hikes before neutral reached.
  • S&P eminis currently trading -53 (-1.18%) at 4467.25 -- after ESM2 traded down to 4456.25 -- just above key support of 4452.75: 50-day EMA. Breach opens next key support of 4320.25 (Low Mar 17).
  • Investment grade risk measured by Markit's CDXIG5 index currently +1.561 to 67.696 vs. 69.249 high; CDXHY5 high yield index mildly lower at 104.945 (-.455).
  • Outperforming credit sectors (tighter or least wide): Utilities sector (+2.1) with shares also outperforming. Followed by Industrials, Technology and Energy sectors evenly tied (+2.8).
  • Lagging sectors (wider or least narrow): Financials, both subordinated and Sr, tied with Consumer Staples (-3.9).
BulletMarketsFixed Income BulletsForeign Exchange BulletsHomepage
BulletMarketsFixed Income BulletsForeign Exchange BulletsHomepage

To read the full story

Close

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.