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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 AccessMNI ASIA MARKETS OPEN: Tsy Curves Reverse Course Ahead Wed CPI
MNI ASIA MARKETS ANALYSIS:Waiting For Next Inflation Shoe Drop
EUR Market Wrap
- Bunds closed 2-4bp tighter after the PM saw bunds move lower with USTs after the stronger-than-expected US Q2 GDP report, erasing most of the morning’s gains before paring the move but still ending lower than pre-data levels.
- Main/XO ended +0.6bp/+2bp at 55bp/300bp while €IG/€HY was +0.8bp/+7bp. Primary was closed. Short-dated spreads underperformed the long-end though are broadly in line WoW (1-5yr spreads -30bp YTD, +10yr spreads -14bp). IG Cons Cycs underperformed on the day at +2.3bp and is now the second worst performing sector over the past 3m (underperforming €IG by 5bp vs. 6bp for utilities over 3m).
- SXXP ended -0.7% with Media and Tech the worst performers near -3% while SPX was -0.5% to give WoW performance of -1% and -2.6% respectively. Notable €IG movers included RTX Cpr[ +8%, Harley-Davidson +7%, NASDAQ +7%, Lon\ Group +7%, Universal Music -25%, Ford -18%, LKQ -12%, Renault -7%, Kering -7%, Nissan -7%.
- SX5E futures are +0.2% while SPX futures are +0.5%. US Treasury futures are little changed overnight, with investors awaiting today's data, in particular core PCE. Outside of the PCE inflation print we also have the U. of Mich. Sentiment later.
Date | GMT/Local | Impact | Country | Event |
26/07/2024 | 0600/0800 | ** | SE | Unemployment |
26/07/2024 | 0645/0845 | ** | FR | Consumer Sentiment |
26/07/2024 | 0800/1000 | ** | IT | ISTAT Business Confidence |
26/07/2024 | 0800/1000 | ** | IT | ISTAT Consumer Confidence |
26/07/2024 | 0800/1000 | ** | EU | ECB Consumer Expectations Survey |
26/07/2024 | - | EU | ECB's Cipollone at Rio de Janeiro G20 Fin min/central bank meeting | |
26/07/2024 | 1230/0830 | ** | US | Personal Income and Consumption |
26/07/2024 | 1400/1000 | ** | US | U. Mich. Survey of Consumers |
26/07/2024 | 1500/1100 | CA | Finance Dept monthly Fiscal Monitor (expected) | |
26/07/2024 | 1700/1300 | ** | US | Baker Hughes Rig Count Overview - Weekly |
To read the full story
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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.