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- €IG looks skewed slightly tighter led by Thames reversal (-10-30) & continued higher beta-RE move in (Balder -5-8, HEIBOS -2-9, CPI -2-11). Wideners were higher beta consumer names Mobico 31s (+6) & VF (unch to +5) alongside Medtronic (unch to +3.5) & LVMH (unch to +4) on supply.
- Rates moving higher on technicals, bunds end +7 in the belly dragging on YTD total returns that are holding flat. €IG equity basket ends -1.2% on broad based weakness led by RE (-1.7%), single name falls led by BMO (-7%) on earnings miss and Mobico (-6.6%) that faced a broker cut. iTraxx following the sentiment +1.5/+8.
- $IG not giving clear direction, 5 issuers there again. Macro picks up tomorrow in the US on 2nd print of 1Q GDP/core PCE & weekly claims. Fed's preferred April PCE on Friday will be the main data for this week.
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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.