CORRECTED-MNI ECB WATCH: ECB Cuts By 25BP

MNI: ECB SEES GDP 2024 0.9%, 1.4% '25 %, 1.6% 2026

ECB: SEES CORE INFLA 2.8% IN '24, 2.2% '25, 2.0% '26

MNI China Daily Summary: Thursday, June 6

MNI BRIEF: China Hopes For "Accommodative" EU Trade Resolution

MNI: PBOC Net Drains CNY258 Bln Via OMO Thurs; Rates Unchanged

EZ/UK Bond Supply Calendar: BoE APF Mon; EU, UK Synd W/C 10-Jun

Project Slower GDP Deflator Moderation In 2024 Due To Higher Labour Costs and Profits

US EIA:NAT GAS STORAGE +98 BCF TO 2,893 BCF MAY 31 WK

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Low Conviction Rally

US TSYS SUMMARY
Rather a muted start to week, Tsy futures higher on moderate volumes (TYM 1.1M) but holds to narrow range since much of rally occurred early overnight on mkt destabilizing concerns picked up after Turkey Pres Erdogan fired CBRT Gov just days after 200bps rate hike.
  • USD/TRY Surges 15%, Sharpest one-day slide in TRY for decades. Blowback on broader markets in general relatively contained by Monday NY open, FI futures climbed back to early Friday levels, equities gaining as well (ESM1 +40.0 late).
  • Rally conviction not very strong ahead heavy data, Fed speakers on wk. Richmond Fed Barkin: will "Look Through" Y/Y Inflation Rises: took a reasonably dovish stance Mon, saying has not yet seen sufficient progress to warrant an asset purchase taper: "I want to get a good part of the way there before having the conversation about whether we've made substantial forward progress".
  • Chicago Fed National Activity Index (CFNAI) fell to –1.09 in February from +0.75 in January; existing home sale: -6.6% MOM TO 6.22M SAAR.
  • Rates sold off briefly after Oracle annc 6Pt jumbo debt (last Mar sold $20B) spurred early rate locks. Late launch: $15B spurred some spec unwinds.
  • Heavy selling Eurodollar Sep'21 and Dec'21 noted early (-120k EDZ1 around the open). Tsy yld curves flattened. The 2-Yr yield is down 0.2bps at 0.1472%, 5-Yr is down 2.4bps at 0.8562%, 10-Yr is down 4.1bps at 1.6804%, and 30-Yr is down 5.4bps at 2.3795%.
BulletMarketsFixed Income Bullets
BulletMarketsFixed Income Bullets

To read the full story

Close

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.