-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
Commodities
Real-time insight of oil & gas markets
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Chart Packs -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessCurves Bull Flatten As Weak PMIs Trump ECB Cut Pushback
A weak run of flash December PMIs from France and Germany has helped core/semi-core EGBs firm, outweighing attempted pushbacks on rate cut pricing by ECB Governing Council members following yesterday's meeting.
- Bund futures trade at intraday highs, up 94 ticks today at 137.16 with the Dec 14 high of 137.28 eyed to the upside. OAT futures are similarly 96 ticks higher on the day. Core/semi core cash curves have bull flattened.
- The flash PMIs printed lower than expected, but we note that underlying stagflation risks remain evident as wage pressures fuel inflation in the services sector. The increase of Q3 Eurozone labour costs to 5.3% Y/Y (vs 4.5% in Q2) further highlights this risk.
- ECB sources from Bloomberg reported after hours yesterday that the ECB "was largely united on seeing rate cuts later than market bets". ECB Board members Muller, Nagel and Hozlmann also unsurprisingly weighed in on the hawkish side this morning, citing upside risks to inflation. Comments from Villeroy were more optimistic.
- Peripheries are modestly narrower to Bunds, holding around post-ECB levels (a reminder that spreads tightened as the ECB's announcement on PEPP was less hawkish than some feared). The 10Y BTP yield currently trades close to the lowest levels of the year at 3.698%.
- ECB-speak dominates the remainder of the calendar today, with a raft of speakers at 11:20 GMT. Fed's Williams at 1330GMT may also attract some cross-border interest.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.