MNI BRIEF: Canadians Fuzzy On How BOC Hikes Slow CPI, Government's Role

CANADA FLASH MAY GDP +0.1% ON FACTORIES AND REAL ESTATE

MNI China Daily Summary: Friday, June 28

MNI BRIEF: BCB Evaluating Real Depreciation Impacts - Galipolo

MNI BRIEF: PBOC Pledges to Curb Any Overshoot Of The Yuan: MPC

MNI: PBOC Net Injects CNY40 Bln Via OMO Fri; Rates Unchanged

MNI: BAKER HUGHES US RIG COUNT 581; OIL RIGS 479; GAS RIGS 97

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK Bond Supply Calendar: BoE APF on Monday

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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

EU Credit Morning Wrap: Macro Setting The Tone

CREDIT UPDATE
Credit BulletsHomepagemarkets-real-timeCreditCEEMEABulletRolls Royce Holdings (RR.) Market News
  • Rates opened sharply higher (as did gilts) on yesterday's US moves and got support from local final March PMIs (EU: 46.1, est. 45.7). Reaction to German state CPI data had mixed read-through (rates initially rallying on it before paring back gains) - national German CPI prints at 1300 Lon/0800 ET - our Economist sees the non-HICP national print at +0.4% m/m and 2.2% y/y (c0.5% & 2.2%).
  • Main/XO are marginally wider (+0.1/+2.4) whereas cash bonds are broadly flat (IG -0.1, HY 0.0). Corporate news is relatively light; Aroundtown is tendering for some EUR perps, BBG indices have rebalanced this morning, including Rolls-Royce and Cellnex both into IG.
  • Equities are enjoying a positive start to Q2; SXXP +0.2%, UKX +0.4% and latter flirting with the 8,000 level. SSAB is down c.5% absorbing last week’s news on strike action, oil stocks are rallying on rising crude price.
  • Primary is relatively subdued with only four EUR mandates (BEL Group, Japan Tobacco, Permanent TSB and BFF Bank) alongside Aroundtown’s tender and a Motor Fuel Group GBP issue.
173 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.
  • Rates opened sharply higher (as did gilts) on yesterday's US moves and got support from local final March PMIs (EU: 46.1, est. 45.7). Reaction to German state CPI data had mixed read-through (rates initially rallying on it before paring back gains) - national German CPI prints at 1300 Lon/0800 ET - our Economist sees the non-HICP national print at +0.4% m/m and 2.2% y/y (c0.5% & 2.2%).
  • Main/XO are marginally wider (+0.1/+2.4) whereas cash bonds are broadly flat (IG -0.1, HY 0.0). Corporate news is relatively light; Aroundtown is tendering for some EUR perps, BBG indices have rebalanced this morning, including Rolls-Royce and Cellnex both into IG.
  • Equities are enjoying a positive start to Q2; SXXP +0.2%, UKX +0.4% and latter flirting with the 8,000 level. SSAB is down c.5% absorbing last week’s news on strike action, oil stocks are rallying on rising crude price.
  • Primary is relatively subdued with only four EUR mandates (BEL Group, Japan Tobacco, Permanent TSB and BFF Bank) alongside Aroundtown’s tender and a Motor Fuel Group GBP issue.