MNI China Daily Summary: Friday, November 22

UK NOV FLASH MANUF PMI 48.6 (FCST: 50.0); OCT 49.9

EUROZONE NOV FLASH MANUF PMI 45.2 (FCST: 46.0); OCT 46.0

MNI: PBOC Net Drains CNY345.9 Bln via OMO Friday

MNI BRIEF: Fed Should Explore Central Clearing At SRF-Hammack

MNI China Daily Summary: Thursday, November 21

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

GERMANY NOV FLASH MANUF PMI 43.2 (FCST: 43.0); OCT 43.0

FRANCE NOV FLASH MANUF PMI 43.2 (FCST:44.5); OCT 44.5

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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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CREDIT PRE-MARKET: EUR Market Wrap

CREDIT PRE-MARKET
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  • Bunds closed 2-3bp tighter against light regional headline flow with focus still trained on the FOMC decision; a 25bp cut is fully priced with close to a third of an additional 25bps also priced. Fed analyst preview; https://media.marketnews.com/Fed_Prev_Sep2024_With_Analysts_c11bf0c49a.pdf.
  • Main/XO ended flat at 53.5bp/290bp while €IG was -0.4bp (Corps -0.2bp, Fins -0.6bp) and €HY was flat. IG Cycs and Fins were the best performers at -0.6bp long-end spreads outperformed slightly. $IG was flat (Corps -0.2bp, Fins +0.3bp) and $HY was -2bp
  • SXXP ended -0.3% while SPX was -0.5%. The main mover was Worldline which retreated a further 15% amidst downgrades on the near-term uncertainty and lack of visibility arising from the CEO departure.
  • SXXP/SPX futures are +0.4%/flat. DM team flagged a very subdued trading session across all markets today, with China, Taiwan & South Korea out for public holidays.UST futures are little changed today, while the USD is a touch higher, but overall ranges are limited. Oil prices have continued to rise during APAC trading today after rallying around 2% on Monday.

 

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  • Bunds closed 2-3bp tighter against light regional headline flow with focus still trained on the FOMC decision; a 25bp cut is fully priced with close to a third of an additional 25bps also priced. Fed analyst preview; https://media.marketnews.com/Fed_Prev_Sep2024_With_Analysts_c11bf0c49a.pdf.
  • Main/XO ended flat at 53.5bp/290bp while €IG was -0.4bp (Corps -0.2bp, Fins -0.6bp) and €HY was flat. IG Cycs and Fins were the best performers at -0.6bp long-end spreads outperformed slightly. $IG was flat (Corps -0.2bp, Fins +0.3bp) and $HY was -2bp
  • SXXP ended -0.3% while SPX was -0.5%. The main mover was Worldline which retreated a further 15% amidst downgrades on the near-term uncertainty and lack of visibility arising from the CEO departure.
  • SXXP/SPX futures are +0.4%/flat. DM team flagged a very subdued trading session across all markets today, with China, Taiwan & South Korea out for public holidays.UST futures are little changed today, while the USD is a touch higher, but overall ranges are limited. Oil prices have continued to rise during APAC trading today after rallying around 2% on Monday.