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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.
CREDIT PRE-MARKET
- Bunds closed 1-3bp wider – DM team flagged pressure from crude oil pushing higher on the Libyan force majeure. In data, the German Ifo survey offered a small beat but nevertheless saw further deterioration whilst there is greater focus on tomorrow’s final German Q2 GDP release before European preliminary August CPI readings on Thu/Fri.
- €IG was +0.3bp (Corps +0.3bp, Fins +0.2bp) with Basic Ind underperforming marginally and €HY was -3bp. EUR primary was closed due to the UK bank holiday. $IG was flat (Corps +0.1bp, Fins -0.3bp) and $HY was -4bp
- SXXP ended flat with Tech -1% while SPX was -0.3%. Notable €IG movers included Chorus Ltd +9%, Vonovia +4%, VF Corp +4%, Missan -4%.
- SX5E/SPX futures are flat. Oil prices are moderately lower during APAC trading today after rallying strongly since Thursday on Fed cut optimism and geopolitical issues. UST futures have edged slightly lower, although ranges have been tight while volumes have been largely roll based. China Industrial profit growth rose in July to 4.1% yoy, ahead of the prior release of 3.6%.
- Looking ahead, the second estimate of Q2 German GDP is out. Later there are US house price data and August consumer confidence and Richmond & Dallas activity indices.
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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