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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 +7bp/+4bp, snapping the streak tighter as the ECB meeting outcome was seen as a little less dovish than expected. Lagarde noted downside growth risks but did not convey any urgency to cut rates again in October, highlighting data dependence, while her commentary on Eurozone wages was read somewhat hawkishly.
- Main/XO ended -2.6bp/-12bp at 55.6bp/298bp while €IG was -1.6bp (Corps -1.7bp, Fins -1.5bp, €HY -11bp) with Cycs -3.2bp but still +10bp WoW and still in wider YTD territory. $IG was -1.4bp (Corps -1.6bp, Fins -1bp, $HY -4bp).
- SXXP ended +0.8% while SPX was +0.7%. €IG movers included WBD +11%, DSV +10%. SX5E/SPX futures are +0.5%/+0.2%.
- UST front yields fell overnight with futures higher in the first half of the session, as speculation continues around whether the Fed will cut by 50bps next week. Gold rose to a fresh record high, while oil looks set to post a gain for the week.
- Looking ahead, we have the BoE inflation survey, ECB speak from Lagarde, while in the US we have trade prices and the U. Mich. Sentiment reading.
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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