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CANADA FLASH MAY GDP +0.1% ON FACTORIES AND REAL ESTATE

MNI China Daily Summary: Friday, June 28

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MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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EUR Market Wrap

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  • Bunds closed 3-4bps cheaper to bring the WoW move to 10-11bp having retraced most of the morning’s UK CPI-inspired losses but remaining weaker on the day.
  • The Fed’s minutes were taken hawkishly: “Participants noted disappointing readings on inflation over the first quarter and indicators pointing to strong economic momentum, and assessed that it would take longer than previously anticipated for them to gain greater confidence that inflation was moving sustainably toward 2%” while some officials also appeared willing to contemplate rate increases if conditions appear to worsen.
  • Main/XO closed flat/+1bp, outperforming CDX IG/HY by 0.5/2bp to bring WoW outperformance to 1bp/5bp. €IG/€HY ended flat/+1bp with WoW moves of -2bp/-16bp with Energy/Fins outperforming on the week at -4bp.
  • SXXP closed -0.3%, in line with SPX on the day but ~1% behind on the week. €IG movers included Nidec +5%, Castellum +5%, Telstra -4%.
  • Asian equities are mixed with China/HY over 1% lower after the FOMC minutes while corporate earnings in the region have also weighed on sentiment. Nvidia’s earnings were strong and may drive Tech stocks at the open. Stoxx 50 futures are flat. Up today:

GMT/Local

Impact

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  • Bunds closed 3-4bps cheaper to bring the WoW move to 10-11bp having retraced most of the morning’s UK CPI-inspired losses but remaining weaker on the day.
  • The Fed’s minutes were taken hawkishly: “Participants noted disappointing readings on inflation over the first quarter and indicators pointing to strong economic momentum, and assessed that it would take longer than previously anticipated for them to gain greater confidence that inflation was moving sustainably toward 2%” while some officials also appeared willing to contemplate rate increases if conditions appear to worsen.
  • Main/XO closed flat/+1bp, outperforming CDX IG/HY by 0.5/2bp to bring WoW outperformance to 1bp/5bp. €IG/€HY ended flat/+1bp with WoW moves of -2bp/-16bp with Energy/Fins outperforming on the week at -4bp.
  • SXXP closed -0.3%, in line with SPX on the day but ~1% behind on the week. €IG movers included Nidec +5%, Castellum +5%, Telstra -4%.
  • Asian equities are mixed with China/HY over 1% lower after the FOMC minutes while corporate earnings in the region have also weighed on sentiment. Nvidia’s earnings were strong and may drive Tech stocks at the open. Stoxx 50 futures are flat. Up today:

GMT/Local

Impact

Keep reading...Show less