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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.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI ASIA OPEN: Focus on November Jobs Ahead Fed Blackout
MNI ASIA MARKETS ANALYSIS: Consolidation Ahead Nov Jobs Report
EGBs are weaker for the most part.......>
EGB SUMMARY: EGBs are weaker for the most part despite what appears on the
surface to be a risk-off backdrop, with heavy supply weighing.
- Busiest morning for issuance in recent memory, with two syndications (books
closed): EFSF E3bln dual tranche books >E8.5bln combined and Italy 50-Yr BTP tap
at E3bln with books >E17bln.
- Not to mention German and Dutch auctions and Spain/Belgium bills.
- This appears to be weighing most on EGBs across the space. Indeed, Bund
weakness comes despite weak equities (DAX off 1%) amid BASF profit warning.
- German curve pretty flat (yields +0.3bps to +0.7bps).
- Decent periphery EGB spread compression alongside, with Italy/Spain/Portugal
in 2-6bps vs Bunds. However, Greece 10s are +9bps wider of Bunds, reversing
post-election gains. Eurogroup warning Athens on sticking to budget commitments.
- Sep OAT futures (OA) down 24 ticks at 165.64 (L: 165.46 / H: 165.86).
- A few impactless ECB speaker headlines from Coeure (Reuters running interview
that came out Monday) and Villeroy (EU banking consolidation).
- Euribor strip bear steepening, with Whites +0.5/1.0, Blues +3.0/3.5 ticks.
To read the full story
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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.