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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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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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EUR Market Wrap
CREDIT PRE-MARKET
- 2y/10y bunds closed +1bp/-2bp with rate cut expectations broadly unchanged on the day’s ECB speakers where Lagarde focused on familiar matters (i.e. having a lot more data by June meeting) while Lane and Schnabel's appearances were more academic.
- The Fed held rates steady while still projecting three rate cuts by the end of 2024 and discussing the eventual slowdown in balance sheet reduction.
- Main/XO ended flat/+4bp (old series) while €IG/€HY cash closed +1bp/+2bp with Cons Cyclicals underperforming at +1.3bp and Energy outperforming (marginally tighter).
- SXXP was flat on the day with gains of ~1% in Utilities and Chemicals playing against losses of 1.4% in Consumer Products/Services.
- Asian equities have rallied on the Fed with he Nikkei and Hang Seng over 2% higher while the CSI 300 is flat as property developer Radian Holdings defaults on their offshore bonds, while Chinese regulators plans to intensify delistings. Stoxx 50 futures are +1.2%.
GMT/Local Impact Country Event 0700/0700 *** UK Public Sector Finances 0745/0845 ** FR Manufacturing Sentiment 0815/0915 ** FR S&P Global Services PMI (p) 0815/0915 ** FR S&P Global Manufacturing PMI (p) 0830/0930 *** CH SNB PolicyRate 0830/0930 *** CH SNB Interest Rate Decision 0830/0930 ** DE S&P Global Services PMI (p) 0830/0930 ** DE S&P Global Manufacturing PMI (p) 0900/1000 *** NO Norges Bank Rate Decision 0900/1000 ** EU Current Account 0900/1000 ** EU S&P Global Services PMI (p) 0900/1000 ** EU S&P Global Manufacturing PMI (p) 0900/1000 ** EU S&P Global Composite PMI (p) 0930/0930 *** UK S&P Global Manufacturing PMI flash 0930/0930 *** UK S&P Global Services PMI flash 0930/0930 *** UK S&P Global Composite PMI flash 1100/0700 *** TR Turkey Benchmark Rate 1200/1200 *** UK Bank Of England Interest Rate 1200/1200 *** UK Bank Of England Interest Rate 1200/1200 UK BOE's Agents' summary of business conditions 1200/1200 UK BOE's MPS and minutes 1230/0830 *** US Jobless Claims 1230/0830 ** US WASDE Weekly Import/Export 1230/0830 * US Current Account Balance 1230/0830 ** US Philadelphia Fed Manufacturing Index 1335/0935 CA BOC Deputy Gravelle speech on balance-sheet normalization. 1345/0945 *** US IHS Markit Manufacturing Index (flash) 1345/0945 *** US S&P Global Services Index (flash) 1400/1000 *** US NAR existing home sales 1430/1030 ** US Natural Gas Stocks 1530/1130 ** US US Bill 04 Week Treasury Auction Result 1530/1130 * US US Bill 08 Week Treasury Auction Result 1600/1200 US Fed Vice Chair Michael Barr 1700/1300 ** US US Treasury Auction Result for TIPS 10 Year Note 1900/1500 *** MX Mexico Interest Rate 2330/0830 *** JP CPI
To read the full story
Close
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.
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.
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