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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
- Not much to report in terms of moves given the market closures yesterday.
- We saw a less hawkish than feared message from Fed Chair Powell and the FOMC. A “Higher for Longer” message was delivered but the market focused on Powell’s comment in the press conference that "I think it's unlikely that the next policy rate move will be a hike".
- Main/XO closed +1/+6bp, bringing the WoW move to +1/+11bp, an underperformance on the week of ~1bp/5bp vs. CDX.
- SPX finished -0.34% with notable €IG movers including Amcor +10%, Pfizer +6%, Equitable Holdings +5%, J&J +5%, Global Payments –11%, Johnson Controls -7%, Kraft Heinz -6%, Dell -5%.
- Asian equities are broadly higher on the FOMC tone with the Hang Seng up over 2% while China remains closed. SX5E futures are -0.1%. Up today:
GMT/Local Impact Country Event 0630/0830 *** CH CPI 0630/0830 ** CH Retail Sales 0715/0915 ** ES S&P Global Manufacturing PMI (f) 0745/0945 ** IT S&P Global Manufacturing PMI (f) 0750/0950 ** FR S&P Global Manufacturing PMI (f) 0755/0955 ** DE S&P Global Manufacturing PMI (f) 0800/1000 ** IT PPI 0800/1000 ** EU S&P Global Manufacturing PMI (f) 1230/0830 *** US Jobless Claims 1230/0830 ** US WASDE Weekly Import/Export 1230/0830 ** US Trade Balance 1230/0830 ** US Preliminary Non-Farm Productivity 1230/0830 ** CA International Merchandise Trade (Trade Balance) 1245/0845 CA BOC's Macklem appears at House finance committee. 1400/1000 ** US Factory New Orders 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 2015/2215 EU ECB's Lane lecture at University of Stanford
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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.