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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 2-3bp tighter - EGBs started weighed down by supply and a stronger-than-expected headline German factory orders reading. US data including a below-expected ADP private payrolls figure helped boost global core FI in early afternoon trade, but the rally was pared later in the session due in part to a solid US ISM Services report.
- Main/XO ended +0.9bp/+3bp at 55.3bp/301bp while €IG was -0.8bp (Corps -0.5bp, Fins -1.1bp) and €HY was flat. All IG sectors finished tighter but remain wider WoW. $IG was -0.9bp (Corps -0.9bp, Fins -1.1bp) and $HY was -5bp
- SXXP ended -0.5% while SPX was -0.3%. €IG movers included Deutsche Pfandbriefbank +13%. WPP +6%, Alraarea +6%, Mckesson -10%, Zimmer Biomet -9%. SX5E/SPX futures are -0.2%.
- UST yields are drifting lower ahead of the US NFP print. The USD is mostly under pressure, with USD/JPY falling back to fresh lows since August 5. Looking ahead, the calendar is dominated by payrolls and their implications for Fed policy (preview; https://enews.marketnews.com/ct/x/pjJscVKOnuUI6a5gcRF0Gg~k1zZ8KXr-kA8x6mVXJ-tptJe3r5BJw).
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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