MNI BRIEF: China To Extend Retirement Age

MNI: PBOC Net Injects CNY94.7 Bln via OMO Friday

CHINA PBOC CONDUCTS CNY236.2 BLN VIA 7-DAY REVERSE REPOS FRI

CHINA YTD NEW LOANS CNY14.4 TRLN VS MEDIAN CNY14.6 TRLN: PBOC

MNI: PBOC Sets Yuan Parity Lower At 7.1030 Fri; +2.40% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1030 FRI VS 7.1214

MNI: EUROZONE JUL IP -0.3% M/M, -2.2% Y/Y

MNI: FRANCE AUG HICP +0.6% M/M, +2.2% Y/Y

MNI: FED BALANCE SHEET TOTAL ASSETS +$2B TO $7.115T IN WEEK

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

UK: Week Ahead

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

EGBS: Supported By Fed Rate Cut Speculation

EGBS
EurozoneBulletGlobalFixed Income BulletsRegionMarkets

Bund futures gapped higher overnight, following US Treasuries higher amid growing speculation around a 50bp Fed cut next week. Since then, Bunds have been little changed, leaving futures +22 versus yesterday’s settlement at 134.95.

  • Yesterday’s high provides (135.49) the first resistance, shielding the bull trigger which remains at 135.66 (Aug 5 high).
  • There have been no less than 7 ECB speakers this morning following yesterday’s meeting, but none have added much new to yesterday’s guidance, where a “data-dependent and meeting-by-meeting” approach was retained. President Lagarde is scheduled to speak at 1030BST too.
  • Eurozone industrial production was -0.3% M/M (in line with consensus), but we estimate that it fell 1.1% M/M when excluding the volatile Irish numbers.
  • Short-end yields have been pulled lower by post-settlement rally in STIR markets, helping the German 2s10s curve to bull steepen ~1.5bps.
  • 10-year peripheral spreads to Bunds are a little tighter. S&P and Moody’s are scheduled to review Spain’s sovereign rating after hours, with the latter also reviewing Greece.
161 words

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.

Bund futures gapped higher overnight, following US Treasuries higher amid growing speculation around a 50bp Fed cut next week. Since then, Bunds have been little changed, leaving futures +22 versus yesterday’s settlement at 134.95.

  • Yesterday’s high provides (135.49) the first resistance, shielding the bull trigger which remains at 135.66 (Aug 5 high).
  • There have been no less than 7 ECB speakers this morning following yesterday’s meeting, but none have added much new to yesterday’s guidance, where a “data-dependent and meeting-by-meeting” approach was retained. President Lagarde is scheduled to speak at 1030BST too.
  • Eurozone industrial production was -0.3% M/M (in line with consensus), but we estimate that it fell 1.1% M/M when excluding the volatile Irish numbers.
  • Short-end yields have been pulled lower by post-settlement rally in STIR markets, helping the German 2s10s curve to bull steepen ~1.5bps.
  • 10-year peripheral spreads to Bunds are a little tighter. S&P and Moody’s are scheduled to review Spain’s sovereign rating after hours, with the latter also reviewing Greece.