MNI: US FINAL FEB MANUF PMI 52.7 (FLASH: 51.6); JAN 51.2

MNI China Daily Summary: Monday, March 3

MNI BRIEF: No Surprises For ECB As Inflation Slows In February

MNI: China CFETS Yuan Index Up 0.27% In Week of Feb 28

MNI: PBOC Net Drains CNY195.5 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1745 Mon; -1.16% Y/Y

MNI: US JAN CONSTRUCT SPENDING -0.2%

MNI: US ISM FEB MANUF PURCHASING MANAGERS INDEX 50.3

MNI: EUROZONE FEB FLASH HICP +2.4% Y/Y

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

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EUR Market Wrap

CREDIT UPDATE
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  • 2y/10y bunds closed -1bp at 2.02%/2.41% for WoW moves of -8bp/-6bp. DM team flagged a move off recent highs at the close, seen after a short-lived latest rally in spillover from negative US GDP tracking. USTs closed -6bp/-5bp at 3.99%/4.21 for WoW moves of -21bp/-22bp.
  • Main/XO ended +0.5bp/+1bp at 53.7bp/289bp for WoW moves of +1.5bp/+4bp while €IG was +1.3bp at 0.9% (Corps +1.5bp at 0.86%, Fins +1bp at 0.96%, €HY +1bp at 2.84%) for a WoW move of +3.2bp. $IG was +2.6bp at 0.86% (Corps +2.7bp at 0.86%, Fins +2.4bp at 0.86%, $HY +5.1bp at 2.83%) for a WoW move of +6.8bp.
  • SX5E/SPX futures closed -0.3%/+1.5% at 5456pts/5963pts for WoW moves of -0.4%/-1.1%. €IG movers included Amadeus IT Group (+5%), Bank of America (+4%), Haleon (+4%), Warner Bros Discovery (+4%), Forvia (-23%), Deutsche Pfandbriefbank (-8%), Teleperformance (-8%), Erste Group Bank (-7%).
  • SX5E/SPX futures are +0.8%/+0.2% this morning. Overnight team flagged the EUR is higher vs the USD, outperforming all other G10 currencies as European leaders scrambled to offer Ukraine their support amid concerns of a US pullback.

 

 

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  • 2y/10y bunds closed -1bp at 2.02%/2.41% for WoW moves of -8bp/-6bp. DM team flagged a move off recent highs at the close, seen after a short-lived latest rally in spillover from negative US GDP tracking. USTs closed -6bp/-5bp at 3.99%/4.21 for WoW moves of -21bp/-22bp.
  • Main/XO ended +0.5bp/+1bp at 53.7bp/289bp for WoW moves of +1.5bp/+4bp while €IG was +1.3bp at 0.9% (Corps +1.5bp at 0.86%, Fins +1bp at 0.96%, €HY +1bp at 2.84%) for a WoW move of +3.2bp. $IG was +2.6bp at 0.86% (Corps +2.7bp at 0.86%, Fins +2.4bp at 0.86%, $HY +5.1bp at 2.83%) for a WoW move of +6.8bp.
  • SX5E/SPX futures closed -0.3%/+1.5% at 5456pts/5963pts for WoW moves of -0.4%/-1.1%. €IG movers included Amadeus IT Group (+5%), Bank of America (+4%), Haleon (+4%), Warner Bros Discovery (+4%), Forvia (-23%), Deutsche Pfandbriefbank (-8%), Teleperformance (-8%), Erste Group Bank (-7%).
  • SX5E/SPX futures are +0.8%/+0.2% this morning. Overnight team flagged the EUR is higher vs the USD, outperforming all other G10 currencies as European leaders scrambled to offer Ukraine their support amid concerns of a US pullback.

 

 

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