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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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI ASIA OPEN: Weak 30Y Reopen, ECB Forward Guidance Weighing
MNI ASIA MARKETS ANALYSIS: Tsys Reverse Early Data Driven Gain
MNI US Inflation Insight: Softer Housing Helps Ensure Dec Cut
EUR Market Wrap
- 2y/10y bunds closed -4bp/+1bp – yields were little changed in the afternoon with our DM flagging very light spillover from dovish-leaning BoC decision into ECB cutting expectations. Given the expected “bumpiness” in core inflation through the remainder of this year, the scope for material further dovish repricing should be limited, absent a notable deterioration in growth prospects.
- Main/XO ended +1bp/+5bp at 54.4bp/298bp while €IG/€HY was flat/+3bp with short-dated spreads underperforming by under 1bp and Energy, Fins and Utils marginally in he red. €IG remains closed though £IG was open with Severn Trent’s (SVTLN Baa2/BBB/BBB) GBP 350mn 14yr tightening just 15-20bp to price with a NIC of ~19bp after sector peer Severn Trent was downgraded while books were open.
- SXXP ended -0.6% with Tech and Consumer P&S over 2% lower while SPX was -2.3%. Notable €IG movers included SGS SA +11%, Nidec +6%, AT&T +5%, Deutsche Bank -9%, Fortive -8%, Dell -8%, Otis Worldwide -7&, Eaton Corp -7%, Stora Enso -7%
- SX5E futures are -0.6% while SPX futures are +0.2%. UST futures have edged slightly higher throughout the night with the front-end out-performing again which has been helped by multiple block steepener trades going through. Safe haven gains again dominate the G10 FX space.
- Later US Q2 GDP, jobless claims, June durable orders and German July Ifo survey print. Also ECB President Lagarde speaks.
Date | GMT/Local | Impact | Country | Event |
25/07/2024 | 0600/0800 | ** | SE | PPI |
25/07/2024 | 0645/0845 | ** | FR | Manufacturing Sentiment |
25/07/2024 | 0800/1000 | ** | EU | M3 |
25/07/2024 | 0800/1000 | *** | DE | IFO Business Climate Index |
25/07/2024 | 1000/1100 | ** | UK | CBI Industrial Trends |
25/07/2024 | - | EU | ECB's Cipollone at Rio de Janeiro G20 Fin min/central bank meeting | |
25/07/2024 | 1230/0830 | *** | US | Jobless Claims |
25/07/2024 | 1230/0830 | ** | US | WASDE Weekly Import/Export |
25/07/2024 | 1230/0830 | *** | US | GDP |
25/07/2024 | 1230/0830 | * | CA | Payroll employment |
25/07/2024 | 1230/0830 | ** | US | Durable Goods New Orders |
25/07/2024 | 1230/0830 | ** | US | Advance Trade, Advance Business Inventories |
25/07/2024 | 1300/1500 | ** | BE | BNB Business Sentiment |
25/07/2024 | 1430/1030 | ** | US | Natural Gas Stocks |
25/07/2024 | 1500/1100 | ** | US | Kansas City Fed Manufacturing Index |
25/07/2024 | 1500/1700 | EU | ECB's Lagarde attends Paris Summit | |
25/07/2024 | 1530/1130 | * | US | US Bill 08 Week Treasury Auction Result |
25/07/2024 | 1530/1130 | ** | US | US Bill 04 Week Treasury Auction Result |
25/07/2024 | 1700/1300 | ** | US | US Treasury Auction Result for 7 Year Note |
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.