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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
- 2y/10y bunds closed flat/+2bp as bunds followed USTs lower in a notable reversal of the morning move after the ISM services index printed a little stronger than consensus expectations. ECB-dated OIS price 75bps of further cuts through the remainder of 2024, even after the dovish Stournaras expressed his expectations for just two more 2024 cuts in an interview last week.
- Main/XO ended +2.4bp/+10bp at 65.3bp/341bp while €IG/€HY was +10.2bp/+24bp in the worst day for the IG index of the year. Cons Staples outperformed at +8.6bp while Comms, Cyclicals, Tech and Fins all widened by over 10bp with Comms, Tech and Cyclicals now wider YYD. +10yr IG spreads are also now 5bp wider YTD vs. -11bp for the short-end.
- SXXP ended -2.2% with Energy, Utilities and Real Estate all over 3% lower while SPX was -3%. Notable €IG movers included Kellanova +16%, OCI NV +13%, Mizuho -20%, Honda -18%, Mitsubishi -17%, Japan Tobacco -17%, Sumitomo -16%.
- SX5E futures are +1.2% while SPX was +1.4%. Overnight focus was on broader risk trends, which stabilized after Monday's sharp losses. Japan equities, led by tech and a weaker yen, rebounded (+8%). Later US June trade data, German June factory orders and euro area June retail sales print.
Date | GMT/Local | Impact | Country | Event | ||
06/08/2024 | 0545/0745 | ** | CH | Unemployment | ||
06/08/2024 | 0600/0800 | ** | DE | Manufacturing Orders | ||
06/08/2024 | 0630/0830 | ** | CH | Retail Sales | ||
06/08/2024 | 0730/0930 | ** | EU | S&P Global Final Eurozone Construction PMI | ||
06/08/2024 | 0830/0930 | ** | UK | S&P Global/CIPS Construction PMI | ||
06/08/2024 | 0900/1100 | ** | EU | Retail Sales | ||
06/08/2024 | 0900/1000 | ** | UK | Gilt Outright Auction Result | ||
06/08/2024 | 1100/1200 | UK | APF Quarterly Report | |||
06/08/2024 | 1230/0830 | ** | US | Trade Balance | ||
06/08/2024 | 1230/0830 | ** | CA | International Merchandise Trade (Trade Balance) | ||
06/08/2024 | 1255/0855 | ** | US | Redbook Retail Sales Index | ||
06/08/2024 | 1530/1130 | * | US | US Treasury Auction Result for Cash Management Bill | ||
06/08/2024 | 1530/1130 | ** | US | US Treasury Auction Result for 52 Week Bill | ||
06/08/2024 | 1700/1300 | *** | US | US Note 03 Year Treasury Auction Result | ||
07/08/2024 | 2245/1045 | *** | NZ | Quarterly Labor market data |
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.