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Why MNI
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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.
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Free AccessMNI China Daily Summary: Wednesday, December 11
EUR MARKET WRAP
- 2y/10y bunds ended -9.5bp/-5bp after markets read Lagarde's comments as dovish, at least in contrast to the prior strong pushback vs rate cut pricing seen from ECB-speakers. Also noting a Reuters sources piece post-close suggesting policymakers are open to changing their rhetoric at the March meeting, laying foundations for a June cut.
- Main/XO opened wider and traded sideways before tightening through the ECB and US data to end -0.6bp/-4bp while CDX IG/HY ended -0.7bp/-5.5bp after the mixed bag of US data which saw Jobless and Continuing Claims miss estimates while GDP and Wholesales beat estimates (but also with downward revisions).
- €IG/€HY ended -1.7bp/+6.6bp with HY underperformance driven by both BB and B bonds while €IG saw most sectors modestly tighter. Primary markets remained closed though we have two HY deals in the pipeline from United Group (again) and Kapla while Mitsubishi also have an IG mandate.
- SXXP ended +0.3% after ticking wider in the wake of the ECB with defensives and Autos both underperforming at -0.8%. Nokia was the biggest mover of the day at +11% after guiding for 2024 adj-Op Profit of €2.3bn-€2.9bn vs. consensus of €2.4bn.
- Asian equities are lower with Nikkei and HIS close to -1.5% as weak US equity futures, particularly in the tech space, weighed on sentiment. SXXP futures are flat DoD.
- Up today we have:
Time | C | Event |
07:00 | GE | GfK Consumer Confidence |
07:30 | EC | ECB's Panetta |
07:45 | FR | Consumer Confidence |
08:00 | SP | Unemployment Rate |
09:00 | EC | M3 Money Supply |
09:00 | EC | ECB Survey of Professional Forecasters |
09:00 | LN | ECB's Simkus |
09:30 | EC | ECB's Kazaks, Vujcic |
13:30 | US | Personal Income and Spending |
13:30 | US | PCE Deflator & Core Deflator |
15:00 | US | Pending Home Sales |
16:00 | US | Kansas City Fed Services Activity |
To read the full story
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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.