Free Trial
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.
CREDIT PRE-MARKET
- 2y/10y bunds ended +3bp/-2bp, tightening in the latter half of the session amid yet another set of dovish US labour data and accelerated an hour before the European cash close as US bank stocks fell sharply for a 2nd day. Gilts outperformed in the wake of the BOE
- Main/XO ended +0.5b/+2.6bp, underperforming US equivalents by 2bp/10bp and with iTraxx SR/Sub Fins broadly in line between the two. BBG €IG cash index ended wider with €IG +2.8bp as Corps outperformed Financials by close to 2bp while shorter-dated spreads widened by close to 4bps. Autos performed poorly, widening by 5bp, as did Sr Bank debt. Just three EUR deals yesterday: one Covered, one Green SNP and one €IG Corp (Italgas)
- China equities are underperforming though appear to have pared a move of over 1.5% lower with investors are still cautious around recently policy announcements about supporting the markets, while the China Evergrande ordered liquidation weighs of the minds of investors. SXXP futures are +0.7% DoD.
- SXXP ended -0.4% with Banks 2% lower as flagged during the session with earnings weighing on banks while Autos were +1.4%, led by Volvo on strong results and the announcement that they will no longer extend funding to Polestar.
- Up today we have:
Time C Event
07:45 FR Budget Balance YTD
07:45 FR Industrial Production
07:45 FR Manufacturing Production
08:00 SP Unemployment Change
08:30 PO ECB's Centeno
12:15 UK BOE's Huw Pill
13:30 US NFP
15:00 US Uni. Of Michigan
15:00 US Factory Orders
15:00 US Factory Orders, Durable Goods, Cap Goods
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok