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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: PBOC Net Injects CNY90.3 Bln via OMO Tuesday
EUR Market Wrap
- Bunds closed 4-6bp tighter - Bunds edged higher in the morning session in a continuation of Tuesday's risk-off price action. Then global FI rallied in European mid-afternoon trade as US job openings came in lower than expected, spurring a bull-steepening Treasury rally.
- Main/XO ended flat/+1bp at 54.4bp/298bp while €IG was +1.6bp (Corps +1.6bp, Fins +1.5bp) and €HY was +12bp. All sectors at least 1bp wider with only Comms, Energy and Fins avoiding a move into the red MoM. $IG was +0.9bp (Corps +0.8bp, Fins +1bp) and $HY was +4bp.
- SXXP ended -1.0% with Tech -3.2% and just RE, Telcos and Utils staying in the green while SPX was -0.2%. €IG movers included Mondelez +4%, Tritax +4%, ASML -6%, CIE Financière Richemont -6%, Mitsubishi -6%, Neste -5%.
- SX5E/SPX futures are -0.1%. It has been a slow session for US tsys today, futures are off session highs and now trade little changed for the day.
- Later there are US August Challenger job cuts and ADP employment, services/composite PMI/ISM, jobless claims and Q2 final productivity/ULC, as well as euro area July retail sales and German factory orders. The ECB’s Tuominen speaks. Friday’s US payrolls data are a focus for crude markets as they await Fed easing to support demand.
Date | GMT/Local | Impact | Country | Event |
05/09/2024 | 0545/0745 | ** | CH | Unemployment |
05/09/2024 | 0600/0800 | ** | DE | Manufacturing Orders |
05/09/2024 | 0730/0930 | ** | EU | S&P Global Final Eurozone Construction PMI |
05/09/2024 | 0830/0930 | ** | UK | S&P Global/CIPS Construction PMI |
05/09/2024 | 0830/0930 | UK | BOE DMP Data | |
05/09/2024 | 0900/1100 | ** | EU | Retail Sales |
05/09/2024 | 0900/1000 | ** | UK | Gilt Outright Auction Result |
05/09/2024 | 1215/0815 | *** | US | ADP Employment Report |
05/09/2024 | 1230/0830 | *** | US | Jobless Claims |
05/09/2024 | 1230/0830 | ** | US | Non-Farm Productivity (f) |
05/09/2024 | 1400/1000 | *** | US | ISM Non-Manufacturing Index |
05/09/2024 | 1430/1030 | ** | US | Natural Gas Stocks |
05/09/2024 | 1500/1100 | ** | US | DOE Weekly Crude Oil Stocks |
05/09/2024 | 1530/1130 | ** | US | US Bill 04 Week Treasury Auction Result |
05/09/2024 | 1530/1130 | * | US | US Bill 08 Week Treasury Auction Result |
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.