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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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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI UST Issuance Deep Dive: Dec 2024
MNI US Employment Insight: Soft Enough To Keep Fed Cutting
MNI ASIA MARKETS ANALYSIS: Jobs Data Green Lights Rate Cuts
EUR Market Wrap
- 2y/10y bunds closed -5bp/-2bp – DM team flagged a modestly constructive start on limited data and newsflow before yields fluctuated as the release of US payroll revisions proved messy. Ultimately core FI gained going into the European close, as the delayed data showed downward revisions on the high end of expectations.
- Main/XO ended -0.1bp/-1bp at 53.7bp/293bp while €IG corps and fins were flat and €HY was +1bp with Energy the only IG corp mover at +0.5bp. $IG was -0.4bp (Corps -0.5bp, Fins -0.3bp) with all sectors mildly tighter while $HY was flat.
- €IG primary consisted of deals from Swedbank (3yr SP FRN), PACCAR Financial (EUR 300mn 3yr; NIC -8bp), National Australia Bank (EUR 1.25bn 5.5yr; NIC 5bp), BBVA (EUR 1bn 12NC7 T2; 10bp NIC), ABN AMRO 3 (EUR 1.25bn 3yr covered; 3bp NIC), UPM-Kymmene (EUR 600mn 10y SUN; NIC 8bp).
- SXXP/SPX ended +0.3/+0.4%. €IG movers included Mobico +18%, Brambles +9%, Albemarle +5%, Essity Aktiebolag -4%, Goodman Group -4%.
- SX5E/SPX futures are -0.1%. Preliminary PMIs for Japan and Australia improved for August, but market sentiment didn't shift. Oil prices are off today’s lows to be little changed as global demand worries continue to weigh on benchmarks. Gold was also weaker.
- Later the Jackson Hole Symposium starts but markets will be waiting for Fed Chair Powell’s speech on Friday. The ECB July meeting account is published today and US/European August flash PMIs as well as US jobless claims and Chicago & Kansas indices are out.
Date | GMT/Local | Impact | Country | Event | ||
22/08/2024 | 0600/0800 | ** | NO | Norway GDP | ||
22/08/2024 | 0715/0915 | ** | FR | S&P Global Services PMI (p) | ||
22/08/2024 | 0715/0915 | ** | FR | S&P Global Manufacturing PMI (p) | ||
22/08/2024 | 0730/0930 | ** | DE | S&P Global Services PMI (p) | ||
22/08/2024 | 0730/0930 | ** | DE | S&P Global Manufacturing PMI (p) | ||
22/08/2024 | 0800/1000 | ** | EU | S&P Global Services PMI (p) | ||
22/08/2024 | 0800/1000 | ** | EU | S&P Global Manufacturing PMI (p) | ||
22/08/2024 | 0800/1000 | ** | EU | S&P Global Composite PMI (p) | ||
22/08/2024 | 0830/0930 | *** | UK | S&P Global Manufacturing PMI flash | ||
22/08/2024 | 0830/0930 | *** | UK | S&P Global Services PMI flash | ||
22/08/2024 | 0830/0930 | *** | UK | S&P Global Composite PMI flash | ||
22/08/2024 | 1000/1100 | ** | UK | CBI Industrial Trends | ||
22/08/2024 | 1130/1330 | EU | Account of ECB MonPol meeting in July | |||
22/08/2024 | 1230/0830 | *** | US | Jobless Claims | ||
22/08/2024 | 1230/0830 | ** | US | WASDE Weekly Import/Export | ||
22/08/2024 | 1345/0945 | *** | US | S&P Global Manufacturing Index (Flash) | ||
22/08/2024 | 1345/0945 | *** | US | S&P Global Services Index (flash) | ||
22/08/2024 | 1400/1600 | ** | EU | Consumer Confidence Indicator (p) | ||
22/08/2024 | 1400/1000 | *** | US | NAR existing home sales | ||
22/08/2024 | 1430/1030 | ** | US | Natural Gas Stocks | ||
22/08/2024 | 1500/1100 | ** | US | Kansas City Fed Manufacturing Index | ||
22/08/2024 | 1530/1130 | * | US | US Bill 08 Week Treasury Auction Result | ||
22/08/2024 | 1530/1130 | ** | US | US Bill 04 Week Treasury Auction Result | ||
22/08/2024 | 1700/1300 | ** | US | US Treasury Auction Result for TIPS 30 Year Bond |
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.