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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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI BRIEF: Beijing To Protect Firms From U.S. Bill - MOFCOM
MNI BRIEF: SNB Cuts Policy Rate By 50 BP To 0.5%
MNI EUROPEAN MARKETS ANALYSIS: ECB Expected To Cut Rates Later
Europe Dragging Tsys Lower On PMI Beats
European bonds are lower in early Tuesday trade following stronger-than-expected February flash PMI data.
- Each of the French, German, and Eurozone composite PMIs beat expectations (though services did the heavy lifting, with manufacturing disappointing), followed by a much stronger-than-expected UK print.
- The German and UK curves bear flattened, with ECB and BoE terminal rate expectations rising. Gilts are underperforming, with short-end/belly yields higher by more than 10bp.
- The European core FI move dragged Treasuries lower, with U.S. PMIs and existing home sales the highlights of the data slate.
- ECB's Lagarde is the session's major central bank speaker of note.
- In supply, we get a $42bln 2Y Note auction in the U.S., with Germany selling E5bln of Bobl and Spain selling new 15Y Obli via syndication.
Latest levels:
- Mar 10-Yr futures (TY) down 12.5/32 at 111-19.5 (L: 111-19 / H: 112-00.5)
- Mar Bund futures (RX) down 31 ticks at 134.55 (L: 134.32 / H: 134.97)
- Mar Gilt futures (G) down 53 ticks at 102.51 (L: 102.44 / H: 103.23)
- Italy / German 10-Yr spread 2.7bps wider at 189.6bps
To read the full story
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Please enter your details below.
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.