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Free AccessEUR Market Wrap
- Bunds ground wider over much of the session, yields driven higher following the morning's higher-than-expected Spanish inflation data and stronger than expected flash GDP figures in Spain, Italy and the Eurozone. Yields ticked wider again after the higher-than-expected US JOLTS job openings
- Main/XO ended flat/-1bp, outperforming US equivalents by 0.6/5.3bp. €IG/€HY cash outperformed against a day of lower supply with spreads tightening by 0.8bp/3.5bp. BB bonds again underperformed while energy and tobacco bonds were the biggest DoD movers within €IG, tightening by over 2bp.
- SXXP ended +0.2% with larger caps and cyclicals outperforming. Gains in Banks (+1.3%, led by BBVA as flagged), Autos (+1.1%, driven by the GM beat) and Retail (+1.1%, broad-based) were offset by losses in TelCos (-1.1%, led lower by Tele2 who beat on sales/EBITDAal though CapEx guidance raised questions).
- HK/China equities are lower again today, market sentiment is still poor following the ordered liquidation of China Evergrande, while China data isn't helping with the manufacturing PMI missing slightly, and a lack of details surrounding the market-stabilization program announced last week. SXXP futures are flat DoD.
- Up today we have:
Time C Event
07:00 GE Import Price Index
07:00 GE Retail Sales
07:00 UK Nationwide House Px
07:45 FR CPI &PPI
08:00 SP Retail Sales
08:55 GE Unemployment Claims Rate
09:00 GE Regional CPI
09:00 IT Unemployment Rate
09:00 SP Current Account Balance
10:00 IT Hourly Wages
11:00 IT Industrial Sales
12:00 US MBA Mortgage Applications
13:00 GE CPI
13:15 US ADP Employment Change
13:30 US Employment Cost Index
14:45 US MNI Chicago PMI
19:00 US FOMC Rate Decision
19:30 US Fed Chair Holds Press Conference Following FOMC Meeting
Curncy | Bond Type | Issuer | Exp Rating | Rank | Ticker | B'mark | Amount (bn) | Spread (bp) | Δ IPT (bp) | BBG NIC (bp) | Cover (x) |
EUR | Banks (Sr Pref) | DEKABANK DEUTSCHE GIRO | A | Sr Preferred | DEKA 3 1/4 02/08/29 | MS | 0.50 | 75 | 30 | N/A | 3.5 |
EUR | Real Estate (Sr Unsec) | CTP NV | BBB- | Sr Unsecured | CTPNV 4 3/4 02/05/30 | MS | 0.75 | 220 | 40 | 5.8 | 4.7 |
EUR | Covered (Banking) | ARGENTA SPAARBANK | NR | Secured | ARGSPA 3 1/8 02/06/34 | MS | 0.75 | 58 | 10 | 2 | 6.5 |
EUR | Covered (Local Authority) | LANDBK HESSEN-THUERINGEN | NR | Secured | HESLAN 2 7/8 02/06/34 | MS | 1.25 | 33 | 7 | -3.5 | 1.7 |
EUR | Entertainment | CIRSA FINANCE INTER | B | Secured | LHMCFI 6 1/2 01/30/29 | B | 0.45 | N/A | N/A | N/A | N/A |
EUR | Food Service | COMPASS GROUP PLC | A | Sr Unsecured | CPGLN 3 1/4 02/06/31 | MS | 0.75 | 70 | 38 | 17.3 | 5.5 |
Grand Total | 4.45 | 91 | 25 | 5.4 | 4.4 |
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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.