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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
- Bunds closed 3-5bp tighter – DM team flagged that morning trade was in a relatively tight range, amid mixed data after German ZEW disappointed, while a surprise fall in UK unemployment, in-line wages and a higher claimant count led to Gilt underperformance. Having strengthened modestly on the day, core Fl pushed to highs which sustained into the close after softer-than-expected US producer prices.
- Main/XO ended +0.2bp/flat at 61.5bp/325bp while €IG/€HY was +1bp/+4bp. IG Energy underperformed at +1.8bp though remains comfortably the best YTD corp performer at -18.6bp vs. -9bp for €IG corps.
- $IG/$HY ended -1.7bp/+0.5bp, bringing MoM performance vs. EUR equivalents to essentially flat. Cyclicals were the only IG sector wider at +1bp and now sit as the second worst WoW performer at -2.8bp vs. $IG at -4.5bp.
- SXXP ended +0.5% while SPX was +1.7%. Notable €IG movers included VF Corp +7%, Aliaxis +7%, Neste +6%, Warner Bros +6%, Baxter International -7%, PostNL -3%.
- SX5E/SPX futures are +0.3%/flat. In China, following several days of higher yields, the bond market grabbed hold of the drop in aggregate financing and rallied hard throughout the day.
- Later the focus will be on US July CPI which is forecast to remain at 3% y/y but for core to ease 0.1pp to 3.2% (See https://roar-assets-auto.rbl.ms/files/65736/USCPIPrevAug2024.pdf). UK July CPI/PPI, euro area Q2 employment/GDP and June IP are also released.
Date | GMT/Local | Impact | Flag | Country | Event |
14/08/2024 | 0600/0700 | *** | UK | Consumer inflation report | |
14/08/2024 | 0600/0700 | *** | UK | Producer Prices | |
14/08/2024 | 0600/0800 | *** | SE | Inflation Report | |
14/08/2024 | 0645/0845 | *** | FR | HICP (f) | |
14/08/2024 | 0900/1100 | ** | EU | Industrial Production | |
14/08/2024 | 0900/1100 | *** | EU | GDP (p) | |
14/08/2024 | 1100/0700 | ** | US | MBA Weekly Applications Index | |
14/08/2024 | 1230/0830 | *** | US | CPI | |
14/08/2024 | 1430/1030 | ** | US | DOE Weekly Crude Oil Stocks |
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.