Free Trial

EU Close

CREDIT UPDATE
  • Weakness in $IG (~+1bp) in US morning though Fed before their close will have the final say. £IG looks net flat.
  • €IG equity basket is flat but plenty of earnings linked vol in $ & £ equities. SPX is -0.3% in US morning - though its being dragged on by Energy (-1.5%) & Tech (-1%). Former on WTI falling -3% (weekly US inventories came high), latter on earnings misses.
  • $IG basket is still -0.2% dragged on by double digit falls on CVS, Starbucks & Estee Lauder earnings.
  • Treasury refunding was inline while ADP (not a mover for NFP) showed private jobs at firm +192k (+c183k) in April. JOLTS job openings missed at 8488k (c8680k) dropping ratio to unemployed to 1.32 lowest since Aug '21.
  • Main data - ISM manufacturing - was tad weaker at a contractionary 49.2 (c50, prev. 50.3) though with hawkish read through on prices paid at 60.9 (c55.4, prev 55.8).
  • US rates are net -3bps through their morning data.
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.
  • Weakness in $IG (~+1bp) in US morning though Fed before their close will have the final say. £IG looks net flat.
  • €IG equity basket is flat but plenty of earnings linked vol in $ & £ equities. SPX is -0.3% in US morning - though its being dragged on by Energy (-1.5%) & Tech (-1%). Former on WTI falling -3% (weekly US inventories came high), latter on earnings misses.
  • $IG basket is still -0.2% dragged on by double digit falls on CVS, Starbucks & Estee Lauder earnings.
  • Treasury refunding was inline while ADP (not a mover for NFP) showed private jobs at firm +192k (+c183k) in April. JOLTS job openings missed at 8488k (c8680k) dropping ratio to unemployed to 1.32 lowest since Aug '21.
  • Main data - ISM manufacturing - was tad weaker at a contractionary 49.2 (c50, prev. 50.3) though with hawkish read through on prices paid at 60.9 (c55.4, prev 55.8).
  • US rates are net -3bps through their morning data.