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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 closed -4bp/-6bp amid a global safe-haven bid – DM team flagged no evident single trigger for the strong afternoon rally in core FI: factors included lower oil prices (on positive Libyan supply headlines), a drop in tech stocks as the US returned from holiday, and a miss in US data (construction activity and ISM manufacturing).
- Main/XO ended +1.8bp/+8bp at 54.4bp/297bp while €IG was +0.4bp (Corps +0.7bp, Fins +0.1bp) and €HY was +5bp. All IG sectors ended the session wider with Energy nearly +2bp and with Fins the only sector holding flat WoW. $IG was +3.6bp (Corps +3.8bp, Fins +3.3bp) and $HY was +15bp
- SXXP ended -1.0% while SPX was -2.1% for MoM moves of +4.4%/+3.4%. IG movers included Molson Coors +5%, Amphenol -8%, Albemarle -7%, Warner Bros -6%, Eaton Corp -6%.
- SX5E/SPX futures are -1.3%/-0.5% after Asian equities have seen significant selling pressure today, as US equity futures broke down through Tuesday lows. Tech related indices saw the largest sell-offs. UST futures have edged slightly higher today, although we remain within Tuesday's ranges. The 10yr yield is close to 3.80%.
- Later the Fed’s Beige book is released and July JOLTS job openings, durable goods orders and trade balance print. The ECB’s Elderson speaks, European August services/composite PMIs are released and the BoC decision is announced. Friday’s US payrolls will be a focus for crude markets as they await Fed easing to support demand.
| Date | GMT/Local | Impact | Flag | Country | Event |
| 04/09/2024 | 0700/0900 |  | EU | ECB's Elderson at Joint European Banking Authority and ECB conference | |
| 04/09/2024 | 0900/1100 | ** | | EU | PPI |
| 04/09/2024 | 1100/0700 | ** |  | US | MBA Weekly Applications Index |
| 04/09/2024 | - | *** | | US | Domestic-Made Vehicle Sales |
| 04/09/2024 | 1230/0830 | ** | | US | Trade Balance |
| 04/09/2024 | 1230/0830 | ** |  | CA | International Merchandise Trade (Trade Balance) |
| 04/09/2024 | 1255/0855 | ** | | US | Redbook Retail Sales Index |
| 04/09/2024 | 1345/0945 | *** | | CA | Bank of Canada Policy Decision |
| 04/09/2024 | 1400/1000 | ** | | US | Factory New Orders |
| 04/09/2024 | 1400/1000 | *** | | US | JOLTS jobs opening level |
| 04/09/2024 | 1400/1000 | *** | | US | JOLTS quits Rate |
| 04/09/2024 | 1400/1000 | | US | MNI Connect Video Conference on the U.S. Fiscal Policy Outlook | |
| 04/09/2024 | 1430/1030 | | CA | BOC Governor Press Conference | |
| 04/09/2024 | 1800/1400 | | US | Fed Beige Book |
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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