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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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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessEUR Market Wrap
- Bunds closed +3-5bps after firmer-than-expected UK wages while stronger-than-expected German ZEW expectations print also pressured the space while various central bank speakers came across the day including hawkish comments from the Fed’s Powell and Jefferson.
- Main/XO closed +1.5bp/+6.5bp to bring WoW moves to +8bp/+42bp. €IG/€HY cash closed +4bp/+22bp (+9bp/+35bp WoW) in the fourth worst day for the €IG index of the past year. +10yr €IG spreads underperformed 1-3yr by 1.5bp (now 14bp YTD) while Cons Cyclicals underperformed at nearly +5bp. Comms, Cons Cyclicals and Cons Staples are now over 10bp wider WoW while Energy outperforms at +7bp.
- SXXP closed -1.5% with all sectors in the red as Basic Resources underperformed at -3%. Notable €IG movers in the European session were Adecco -11%, SES -10%, Arcelormittal -7%, Fresenius +5% and Naturgy +3%.
- Asian equities broadly lower Japan lower though Chinese shares rebounded as the regulator tried to ease concerns around new exchange rules. Oil prices eased a touch. Stoxx 50 futures are +0.2% after the SPX closed -0.2%.
GMT/Local | Impact | Country | Event |
0600/0700 | *** | UK | Consumer inflation report |
0600/0700 | *** | UK | Producer Prices |
0900/1100 | *** | EU | HICP (f) |
0900/1000 | ** | UK | Gilt Outright Auction Result |
0900/1100 | EU | ECB's Cipollone in Italian Banking Meeting | |
1100/0700 | ** | US | MBA Weekly Applications Index |
1205/1305 | UK | BoE's Greene on IIF Panel | |
1230/0830 | * | CA | International Canadian Transaction in Securities |
1300/1500 | EU | ECB's Cipollone at IIF Global Outlook Forum | |
1430/1030 | ** | US | DOE Weekly Crude Oil Stocks |
1545/1745 | EU | ECB's Schnabel Speaks At IRFMP | |
1600/1700 | UK | BoE's Bailey In IIF Fireside Chat | |
1700/1300 | ** | US | US Treasury Auction Result for 20 Year Bond |
1800/1400 | US | Fed Beige Book | |
1800/1900 | UK | BoE's Haskel At Kings College London Panel | |
2000/1600 | ** | US | TICS |
2130/1730 | US | Cleveland Fed's Loretta Mester |
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.