MNI BRIEF: China Visitor Mobile Payments Surge in H1

MNI China Daily Summary: Friday, July 26

MNI BRIEF: Foreign Firms Content In China

MNI BRIEF: Turkish Inflation Expectations Steady- TEBA

MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: BAKER HUGHES US RIG COUNT 589; OIL RIGS 482; GAS RIGS 101

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL JUL INDEX 66.4

EZ/UK Bond Supply Calendar: BoE Short APF Operation on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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

EU Close

CREDIT UPDATE
Credit BulletsBulletHomepagemarkets-real-timeCredit
  • Low dispersion in €IG into the close today, wideners led by normal higher beta REITS HEIBOS & CPI on a +4bp move in belly bunds. Broader €IG is tad tighter helping reverse some of the +2bps of widening we faced WTD on busy primary, falling rates & ~flat to weak equity sentiment.
  • PCF in €HY moved +6.5pts to €84.3. Its nearly +10pts on the week & reports are its is on potential A&E support from a party through equity injection.
  • Bunds end +4 in the belly (short-end driven ~parallel move). ECB delivered a expected 25bp cut but the upward revisions to '24 & '25 core inflation projections, alongside a lack of pre-commitment to future cuts, drove a initial hawkish reaction. While Lagarde did not confirm that the ECB had entered the “dialling back” phase of policy restriction, she did note that there was a “strong likelihood” that this was the case. 35bps of cuts are priced across the remaining 4 meetings this year, down from 40bps yest.
  • Equity vol was low as well, Aroundtown (-6%) the only mover, €IG basket ends +0.3%, RE (-1.1%) only sector mover.
  • $IG looks weak despite only 4 deals (though Energy Transfer & John Deere bringing multi-tranche) - its underperformed 2bps this week (vs. €IG) & now lags our -29bp YTD move by 16bps.
  • Our primary was closed today, it should reopen tomorrow for Barry Callebaut.
228 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.
  • Low dispersion in €IG into the close today, wideners led by normal higher beta REITS HEIBOS & CPI on a +4bp move in belly bunds. Broader €IG is tad tighter helping reverse some of the +2bps of widening we faced WTD on busy primary, falling rates & ~flat to weak equity sentiment.
  • PCF in €HY moved +6.5pts to €84.3. Its nearly +10pts on the week & reports are its is on potential A&E support from a party through equity injection.
  • Bunds end +4 in the belly (short-end driven ~parallel move). ECB delivered a expected 25bp cut but the upward revisions to '24 & '25 core inflation projections, alongside a lack of pre-commitment to future cuts, drove a initial hawkish reaction. While Lagarde did not confirm that the ECB had entered the “dialling back” phase of policy restriction, she did note that there was a “strong likelihood” that this was the case. 35bps of cuts are priced across the remaining 4 meetings this year, down from 40bps yest.
  • Equity vol was low as well, Aroundtown (-6%) the only mover, €IG basket ends +0.3%, RE (-1.1%) only sector mover.
  • $IG looks weak despite only 4 deals (though Energy Transfer & John Deere bringing multi-tranche) - its underperformed 2bps this week (vs. €IG) & now lags our -29bp YTD move by 16bps.
  • Our primary was closed today, it should reopen tomorrow for Barry Callebaut.