MNI BRIEF: Trump Likely To Let Powell Serve Full Term-Moore

MNI BRIEF: Canada Household Debt Tops $3 Trillion In 3Q

MNI BRIEF: Trump Likely To Allow Powell To Serve Term - Moore

MNI BRIEF: China To Keep Stabilising Housing Market - CEWC

MNI BRIEF: China Focus On Boosting Consumption In 2025

MNI BRIEF: China To Cut Rates, Boost Borrowing-Work Conference

US EIA:NAT GAS STORAGE -190 BCF TO 3,747 BCF DEC 06 WK

MNI: US JOBLESS CLAIMS +17K TO 242K IN DEC 07 WK

MNI: US NOV FINAL DEMAND PPI +0.4%, EX FOOD, ENERGY +0.2%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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EUR Market Wrap

CREDIT PRE-MARKET

{EU} Market Wrap

  • Bunds ended 1-2bps tighter after the below consensus EC business confidence survey had a limited impact on the space, while comments from the ECB’s Kazaks, Simkus and de Guindos did not add much new to the policy debate.
  • Main/XO ended flat, outperforming €IG/€HY cash which ended ~2bp wider with +10yr €IG spreads +3bp vs. +1bp for 1-3yr spreads. All €IG sectors wider with Tech underperforming at +5bp (now trailing broader €IG by 10bp YTD) on Teleperformance’s sell-off.
  • SXXP ended -0.4% with Autos +1% (looks broad-based with all stocks in the green) and Personal Care, Drug & Grocery -2.7% on the poor results from Reckitt Benckiser as flagged during the session.
  • Asian Equities have recovered from the lows of earlier to trade mixed to slightly higher, which also added to the risk tone for the region. Stoxx 50 futures are +0.4%.
  • Up today we have:

GMT/Local Impact Country Country Event Event Event Event Event Event
0700/0800 ** DE DE Retail Sales Retail Sales Retail Sales Retail Sales Retail Sales Retail Sales
0700/0800 ** SE SE Retail Sales Retail Sales Retail Sales Retail Sales Retail Sales Retail Sales
0700/0800 *** SE SE GDP GDP GDP GDP GDP GDP
0745/0845 *** FR FR GDP (f) GDP (f) GDP (f) GDP (f) GDP (f) GDP (f)
0745/0845 ** FR FR Consumer Spending Consumer Spending Consumer Spending Consumer Spending Consumer Spending Consumer Spending
0745/0845 *** FR FR HICP (p) HICP (p) HICP (p) HICP (p) HICP (p) HICP (p)
0745/0845 ** FR FR PPI PPI PPI PPI PPI PPI
0800/0900 *** ES ES HICP (p) HICP (p) HICP (p) HICP (p) HICP (p) HICP (p)
0800/0900 ** CH CH KOF Economic Barometer KOF Economic Barometer KOF Economic Barometer KOF Economic Barometer KOF Economic Barometer KOF Economic Barometer
0800/0900 *** CH CH GDP GDP GDP GDP GDP GDP
0855/0955 ** DE DE Unemployment Unemployment Unemployment Unemployment Unemployment Unemployment
0900/1000 *** DE DE North Rhine Westphalia CPI North Rhine Westphalia CPI North Rhine Westphalia CPI North Rhine Westphalia CPI North Rhine Westphalia CPI North Rhine Westphalia CPI
0900/1000 *** DE DE Bavaria CPI Bavaria CPI Bavaria CPI Bavaria CPI Bavaria CPI Bavaria CPI
0930/0930 ** UK UK BOE M4 BOE M4 BOE M4 BOE M4 BOE M4 BOE M4
0930/0930 ** UK UK BOE Lending to Individuals BOE Lending to Individuals BOE Lending to Individuals BOE Lending to Individuals BOE Lending to Individuals BOE Lending to Individuals
1300/1400 *** DE DE HICP (p) HICP (p) HICP (p) HICP (p) HICP (p) HICP (p)
1330/0830 *** US US Jobless Claims Jobless Claims Jobless Claims Jobless Claims Jobless Claims Jobless Claims
1330/0830 ** US US WASDE Weekly Import/Export WASDE Weekly Import/Export WASDE Weekly Import/Export WASDE Weekly Import/Export WASDE Weekly Import/Export WASDE Weekly Import/Export
1330/0830 *** CA CA GDP - Canadian Economic Accounts GDP - Canadian Economic Accounts GDP - Canadian Economic Accounts GDP - Canadian Economic Accounts GDP - Canadian Economic Accounts GDP - Canadian Economic Accounts
1330/0830 *** CA CA Gross Domestic Product by Industry Gross Domestic Product by Industry Gross Domestic Product by Industry Gross Domestic Product by Industry Gross Domestic Product by Industry Gross Domestic Product by Industry
1330/0830 *** CA CA CA GDP by Industry and GDP Canadian Economic Accounts Combined CA GDP by Industry and GDP Canadian Economic Accounts Combined CA GDP by Industry and GDP Canadian Economic Accounts Combined CA GDP by Industry and GDP Canadian Economic Accounts Combined CA GDP by Industry and GDP Canadian Economic Accounts Combined CA GDP by Industry and GDP Canadian Economic Accounts Combined
1330/0830 ** US US Personal Income and Consumption Personal Income and Consumption Personal Income and Consumption Personal Income and Consumption Personal Income and Consumption Personal Income and Consumption
1445/0945 *** US US MNI Chicago PMI MNI Chicago PMI MNI Chicago PMI MNI Chicago PMI MNI Chicago PMI MNI Chicago PMI
1500/1000 ** US US NAR Pending Home Sales NAR Pending Home Sales NAR Pending Home Sales NAR Pending Home Sales NAR Pending Home Sales NAR Pending Home Sales
1530/1030 ** US US Natural Gas Stocks Natural Gas Stocks Natural Gas Stocks Natural Gas Stocks Natural Gas Stocks Natural Gas Stocks
1550/1050 US US Atlanta Fed's Raphael Bostic Atlanta Fed's Raphael Bostic Atlanta Fed's Raphael Bostic Atlanta Fed's Raphael Bostic Atlanta Fed's Raphael Bostic Atlanta Fed's Raphael Bostic
1600/1100 US US Chicago Fed's Austan Goolsbee Chicago Fed's Austan Goolsbee Chicago Fed's Austan Goolsbee Chicago Fed's Austan Goolsbee Chicago Fed's Austan Goolsbee Chicago Fed's Austan Goolsbee
1600/1100 ** US US Kansas City Fed Manufacturing Index Kansas City Fed Manufacturing Index Kansas City Fed Manufacturing Index Kansas City Fed Manufacturing Index Kansas City Fed Manufacturing Index Kansas City Fed Manufacturing Index
1630/1130 ** US US US Bill 04 Week Treasury Auction Result US Bill 04 Week Treasury Auction Result US Bill 04 Week Treasury Auction Result US Bill 04 Week Treasury Auction Result US Bill 04 Week Treasury Auction Result US Bill 04 Week Treasury Auction Result
1630/1130 * US US US Bill 08 Week Treasury Auction Result US Bill 08 Week Treasury Auction Result US Bill 08 Week Treasury Auction Result US Bill 08 Week Treasury Auction Result US Bill 08 Week Treasury Auction Result US Bill 08 Week Treasury Auction Result
1815/1315 US US Cleveland Fed's Loretta Mester Cleveland Fed's Loretta Mester Cleveland Fed's Loretta Mester Cleveland Fed's Loretta Mester Cleveland Fed's Loretta Mester Cleveland Fed's Loretta Mester
2200/0900 ** AU AU IHS Markit Manufacturing PMI (f) IHS Markit Manufacturing PMI (f) IHS Markit Manufacturing PMI (f) IHS Markit Manufacturing PMI (f) IHS Markit Manufacturing PMI (f) IHS Markit Manufacturing PMI (f)
2330/0830 * JP JP labor forcer survey labor forcer survey labor forcer survey labor forcer survey labor forcer survey labor forcer survey
Ticker Ticker Ticker B'mark B'mark Amount (bn) Spread (bp) Δ IPT (bp) BBG NIC (bp) Cover (x) Cover (x)
LKQ 4 1/8 03/13/31 LKQ 4 1/8 03/13/31 LKQ 4 1/8 03/13/31 MS MS 0.75 145 30 N/A 2.8 2.8
NOVBNC 4 1/4 03/08/28 NOVBNC 4 1/4 03/08/28 NOVBNC 4 1/4 03/08/28 MS MS 0.50 130 25 N/A 2.1 2.1
SPANOY 4 7/8 03/08/28 SPANOY 4 7/8 03/08/28 SPANOY 4 7/8 03/08/28 MS MS 0.30 195 30 N/A 3.0 3.0
DZHYP 3 1/8 02/28/34 DZHYP 3 1/8 02/28/34 DZHYP 3 1/8 02/28/34 MS MS 0.50 35 6 1bp 4.4 4.4
TUIGR 5 7/8 03/15/29 TUIGR 5 7/8 03/15/29 TUIGR 5 7/8 03/15/29 B B 0.50 366 25 N/A N/A N/A
OMC 3.7 03/06/32 OMC 3.7 03/06/32 OMC 3.7 03/06/32 MS MS 0.60 95 25 N/A 2.5 2.5
3.15 161 24 1bp 3.0 3.0



Bond Type Issuer Exp Rating Ticker B'mark Amount (bn) Spread (bp) Δ IPT (bp) BBG NIC (bp) Cover (x)
Autos LKQ DUTCH BOND BV BBB- LKQ 4 1/8 03/13/31 MS 0.75 145 30 N/A 2.8
Banks (Sr Pref) NOVO BANCO SA BB+ NOVBNC 4 1/4 03/08/28 MS 0.50 130 25 N/A 2.1
Banks (Sr Pref) S-PANKKI OYJ BBB SPANOY 4 7/8 03/08/28 MS 0.30 195 30 N/A 3.0
Covered (Banking) DZ HYP AG AAA DZHYP 3 1/8 02/28/34 MS 0.50 35 6 1bp 4.4
Leisure TUI AG B+ TUIGR 5 7/8 03/15/29 B 0.50 366 25 N/A N/A
Media OMNICOM FINANCE HOLD BBB+ OMC 3.7 03/06/32 MS 0.60 95 25 N/A 2.5
Grand Total 3.15 161 24 1bp 3.0
Credit BulletsBulletHomepagemarkets-real-timeCredit
Credit BulletsBulletHomepagemarkets-real-timeCredit

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