MNI BRIEF: ECB Looks At Impact Of China Trade Freeze

MNI BRIEF: EC Says EV Talks With China At Important Moment

MNI China Daily Summary: Wednesday, October 9

MNI BRIEF: Mexico Inflation Falls To 4.58% In September

MNI BRIEF: MNI BRIEF: Brazil's September Inflation Up To 4.42%

US EIA: CRUDE OIL STOCKS EX SPR +5.81M TO 422.7M OCT 04 WK

MNI:US AUG WHOLESALE INV 0.1%; SALES -0.1%

US MBA: REFIS -9% SA; PURCH INDEX -0.1% SA THRU OCT 4 WK

CANADA: Politics Week: Parliament Opens With Early Election Threats

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

EUR Market Wrap

CREDIT UPDATE
Credit BulletsBulletHomepagemarkets-real-timeCredit


  • 2y/10y bunds are -11bp/-6bp – DM team flagged that today’s regional data has not been market moving (Eurozone July final services PMI in line with flash at 51.9, and PPI also broadly in line with consensus), with broader cross-asset moves dominating. A full additional ECB cut has been priced for 2024 since Friday’s close which has prompted the bull-steepening with 34bp priced for Sept (+11bp), 23bp for Oct (+12bp) and 28bp for Dec (+3bp).
  • Main/XO are +4.6bp/+18bp at 67.5bp/349bp while €IG/€HY looks +8bp/+25bp with primary firmly closed and Industrials, Staples. Health and Materials outperforming slightly. Curve movers everywhere but the biggest in terms of average spread move include Lufthansa (up to 27bp wider), Rolls Royce (up to 27bp wider), IAG (up to 20bp wider).
  • SXXP is -2.7% with Energy and Autos underperforming slightly though all sectors are over 1% lower. SPX futures are -2.9%. Notable €IG movers include OCI NV (+9%, AIA Group +2%, Reckitt +1%, Mizuho -20%, Honda -18%, Mitsubishi -17%, Japan Tobacco -17%.
165 words

To read the full story

Close

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.


  • 2y/10y bunds are -11bp/-6bp – DM team flagged that today’s regional data has not been market moving (Eurozone July final services PMI in line with flash at 51.9, and PPI also broadly in line with consensus), with broader cross-asset moves dominating. A full additional ECB cut has been priced for 2024 since Friday’s close which has prompted the bull-steepening with 34bp priced for Sept (+11bp), 23bp for Oct (+12bp) and 28bp for Dec (+3bp).
  • Main/XO are +4.6bp/+18bp at 67.5bp/349bp while €IG/€HY looks +8bp/+25bp with primary firmly closed and Industrials, Staples. Health and Materials outperforming slightly. Curve movers everywhere but the biggest in terms of average spread move include Lufthansa (up to 27bp wider), Rolls Royce (up to 27bp wider), IAG (up to 20bp wider).
  • SXXP is -2.7% with Energy and Autos underperforming slightly though all sectors are over 1% lower. SPX futures are -2.9%. Notable €IG movers include OCI NV (+9%, AIA Group +2%, Reckitt +1%, Mizuho -20%, Honda -18%, Mitsubishi -17%, Japan Tobacco -17%.