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Midday Wrap

CREDIT UPDATE
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  • Local primary is seeing a little more colour today but again all single line deals - with NFP tomorrow looks like we will fall well shy of the ~€16b expected (bbg) in corp/fin supply this week. Not much change from morning in €IG cash - firmly skewed tighter in a mirror image of yesterday - Thames Water (+6-40bps) continuing its sell-off while tightening is broad-based led by strong moves in Autos. Thames will continue dragging on £IG index prints - outside of it we also see £IG corps lagging the bid in €IG this week.
  • Local equities have been trading sideways, now unch, with little vol in IG/HY issuer names - that should change with the US open on (+11% in pre-market) - it hasn't had the same read-through impact that PVH's guidance did on Tuesday for H&M, VF & Tapestry .
  • Low vol in rates, weekly claims is coming up at 1:30pm Lon/8:30am ET - consensus is keeping to a flat trend at 214/1811k on initial/continuing - its not a reference week for tomorrow or next months NFP. We also have heavy Fedspeak - most of it coming after London close - and includes the first post March-FOMC comments from Harker (3pm Lon), Barkin (5:15pm) and Kashkari (7pm) - our economist flags Barkin given a ‘24 voter.
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  • Local primary is seeing a little more colour today but again all single line deals - with NFP tomorrow looks like we will fall well shy of the ~€16b expected (bbg) in corp/fin supply this week. Not much change from morning in €IG cash - firmly skewed tighter in a mirror image of yesterday - Thames Water (+6-40bps) continuing its sell-off while tightening is broad-based led by strong moves in Autos. Thames will continue dragging on £IG index prints - outside of it we also see £IG corps lagging the bid in €IG this week.
  • Local equities have been trading sideways, now unch, with little vol in IG/HY issuer names - that should change with the US open on (+11% in pre-market) - it hasn't had the same read-through impact that PVH's guidance did on Tuesday for H&M, VF & Tapestry .
  • Low vol in rates, weekly claims is coming up at 1:30pm Lon/8:30am ET - consensus is keeping to a flat trend at 214/1811k on initial/continuing - its not a reference week for tomorrow or next months NFP. We also have heavy Fedspeak - most of it coming after London close - and includes the first post March-FOMC comments from Harker (3pm Lon), Barkin (5:15pm) and Kashkari (7pm) - our economist flags Barkin given a ‘24 voter.