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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
- Bunds closed 3-4bp tighter after the July flash PMI was weaker than expected, with new orders marking a second successive fall and business confidence falling to a six-month low ahead of flash PMIs and negotiated wage data on Thursday. DM team previewed the negotiated wages data here: https://marketnews.com/eurozone-data-wide-range-of-estimates-for-q2-negotiated-wages-on-thursday.
- Main/XO ended +0.8bp/+3bp at 53.8bp/294bp while €IG was +0.1bp (Corps flat, Fins +0.3bp) and €HY was +3bp. Primary was open with deals from BMW (3/6/10yr; -2bp/5bp/3bp NICs), BNP (10NC5 T2; -5bp NIC), Erste (8NC7 SP; -5bp NIC), Mizuho (6NC5/10yr; 5bp NICs), Merck (30NC5.5 hybrid; -7bp NIC), Handelsbanken (7yr SNP; 2bp NIC) and a EUR 500mn 10y mandate from UPM-Kymmene. $IG was +1.5bp (Corps +1.7bp, Fins +1.2bp) and $HY was +6bp.
- SXXP ended -0.5% while SPX was -0.2%. €IG movers included Eli Lilly +3%, Norstar +3%, BT -6%, Coloplast -5%, K+S -4%.
- SX5E/SPX futures are +0.2%/+0.1%. US Treasury are futures little changed today ahead of FOMC meeting minutes later today. Chinese equities are lower after JD.com dropped 11% while property stocks were in focus amid speculation of new funding options for local governments.
- Later the July FOMC meeting minutes are published and preliminary benchmark US payrolls revisions are released.
| Date | GMT/Local | Impact | Flag | Country | Event |
| 21/08/2024 | 0600/0700 | *** |  | UK | Public Sector Finances |
| 21/08/2024 | 0900/1000 | ** | | UK | Gilt Outright Auction Result |
| 21/08/2024 | 1100/0700 | ** |  | US | MBA Weekly Applications Index |
| 21/08/2024 | 1230/0830 | * |  | CA | Industrial Product and Raw Material Price Index |
| 21/08/2024 | 1400/1000 | * | | US | Services Revenues |
| 21/08/2024 | 1430/1030 | ** | | US | DOE Weekly Crude Oil Stocks |
| 21/08/2024 | 1530/1130 | * | | US | US Treasury Auction Result for Cash Management Bill |
| 21/08/2024 | 1700/1300 | ** | | US | US Treasury Auction Result for 20 Year Bond |
| 21/08/2024 | 1800/1400 | *** | | US | FOMC Minutes |
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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