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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.
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Free AccessEUR Market Wrap
- EGBs opened wider and moved broadly sideways through to NFP with slightly-firmer-than expected European CPI data, the continued burden of, local digestion of the FOMC decision and some marginally hawkish comments Herodotou feeding in.
- Rates moved cheaper again on the better-than-expected job gains in January (+353k vs 185k est, prior up-revised to 333k from 216k) for 2y/10y bunds to end +12bp/+9bp as rate cut expectations for the year moved to 125bps with 17bps priced for April.
- Main/XO closed has 2bp/8bp tighter and ends the week 1bp/7bp wider. €IG cash tightened 2.2bp with Financials outperforming Corps by ~0.5bp and as shortest-dates spreads extended their outperformance (1-3yr spreads -3bp to bring YTD tightening to -10.5bp). Energy, Media and Tobacco bonds all performed well on the day, tightening by 4-5bps.
- SXXP ended flat, having opened wider and sold-off over the PM session despite the buoyant sentiment in SPX equities, with Energy the notable underperformer at -1.4% while Autos and Banks ended >1% higher.
- UST yields have come off overnight highs to trade 4-5bps cheaper out to 10yr after Powell's comments on 60 minutes implied a rate cut won’t be coming until later in the year. CSI 300 is +1.1% after the regulator pledged support over the weekend and take measures against risks of stock pledges. SXXP futures are flat DoD.
- Up today we have:
Time C Event
07:00 GE Trade Data
07:00 UK ONS to publish LFS-based data for Sept. to Nov. 2023
08:15 SP HCOB Spain Services & Composite PMI
08:45 IT HCOB Italy Services & Composite PMI
08:50 FR HCOB France Services & Composite PMI
08:55 GE HCOB Germany Services & Composite PMI
09:00 EC HCOB Eurozone Services & Composite PMI
09:00 UK New Car Registrations
09:30 UK Official Reserves Changes
09:30 EC Sentix Investor Confidence
09:30 UK S&P Global UK Services & Composite PMI
10:00 EC PPI
10:00 EC OECD Publishes Interim Economic Outlook
14:45 US S&P Global US Services & Composite PMI
15:00 US ISM Services Index
15:00 US Fed's Goolsbee Appears on Bloomberg Television
17:30 UK BOE's Huw Pill
19:00 US Fed's Bostic Gives Welcoming Remarks
19:00 US Senior Loan Officer Opinion Survey on Bank Lending Practices
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.