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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.
CREDIT PRE-MARKET
- 2y/10y bunds were +10bp/+8bp after strong US economic data cast fresh doubt on the global rate cut narrative. The session started in relatively subdued fashion, with modest overnight weakness in futures, interrupted by a slight uptick after a broadly in-line UK GDP release with softer underlying details but Bunds and Gilts turned sharply lower in early afternoon trade on stronger-than-expected US retail data.
- Main/XO closed -3.3bp/-13bp at 55.7bp/301bp while €IG/€HY were -2.8bp/-12bp. Short-end outperformed by close to 2bp (19bp YTD) with Utils, Energy outperforming by sector and all sectors in the green WoW. $IG/$HY closed -3.8bp/-16bp bringing the US to MoM outperformance of 3bp/9bp.
- SXXP is +1.1% while SPX was +1.6%. Notable €IG movers included Albemarle +9%, Dell +7%, Walmart +7%, Deere +6%, Cemex +6%, Bank of Ireland +6%, Origin Energy -9%, Kojamo -6%, Eurofins -4%.
- SX5E/SPX futures are +0.3%/+0.2%. Regional Asian risk appetite remained positive in the equity space, as carry over from the US Thursday session saw recession fears ease further. China equities are absent from the rebound, as lingering growth concerns remained a headwind. UST futures have ticked higher, although now trade slightly off session's best.
- Looking ahead, we have UK retail sales, while in the US, building permits and UMich sentiment data will close out the week.
| Date | GMT/Local | Impact | Flag | Country | Event |
| 16/08/2024 | 0600/0700 | *** |  | UK | Retail Sales |
| 16/08/2024 | 0900/1100 | * |  | EU | Trade Balance |
| 16/08/2024 | 1215/0815 | ** |  | CA | CMHC Housing Starts |
| 16/08/2024 | 1230/0830 | * | | CA | International Canadian Transaction in Securities |
| 16/08/2024 | 1230/0830 | ** | | CA | Monthly Survey of Manufacturing |
| 16/08/2024 | 1230/0830 | *** |  | US | Housing Starts |
| 16/08/2024 | 1400/1000 | ** | | US | U. Mich. Survey of Consumers |
| 16/08/2024 | 1700/1300 | ** | | US | Baker Hughes Rig Count Overview - Weekly |
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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