MNI BRIEF: Brussels To Ease EU Fiscal Rules To Boost Defence

MNI China Daily Summary: Friday, February 14

MNI BRIEF: China Jan Yuan Loans, Financing Beat Expectations

MNI BRIEF: Brazil Outlook Demands 'Higher Doses Of Medicine'

CHINA JAN NEW LOANS CNY5.13 TRLN VS MEDIAN CNY4.53 TRL

MNI BRIEF: China Machinery Expects Stable Trade In 2025

BAKER HUGHES CANADA RIG COUNT 245; OIL RIGS 174; GAS RIGS 71

MNI: BAKER HUGHES US RIG COUNT 588; OIL RIGS 481; GAS RIGS 101

EZ/UK T-Bill Calendar: Germany, Netherlands, France Due Monday

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

GERMANY: Kukies Considers Potential Non-Implementation Of 2024 Suppl' Budget

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MNI Credit Weekly: Broad-based Strength

We saw general spread compression as higher beta names performed.
AnalysisCredit AnalysisHomepageCreditStory

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  • Spreads were 2.6bps tighter on the week led by Financials. We saw a general spread compression as higher beta names performed. Corps tended to respond well to good corporate earnings and largely ignored weaker news.
  • Macro was benign with Equities across Europe up 3% on average. Trump Tariffs fears dominate the headlines. So far, the reality seems to be taken well, aided by Ukraine peace talks. Tuesday saw a high CPI print which caused rates to spike, but PPI on Wednesday had several PCE inputs which pointed to a more nuanced reading. This allowed Gov’t bond markets to recover.
  • Fund flows continued to see inflows at pace into $/€-IG while HY remained mild. European equities saw their first inflow in 19 weeks and at ~$2.5b, their largest since January 2023.   
  • €16.9bn of Primary supply for Corps and Fins was in line with expectations and well received with issuance on average 3bps inside MNI Fair Value. 
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  • Spreads were 2.6bps tighter on the week led by Financials. We saw a general spread compression as higher beta names performed. Corps tended to respond well to good corporate earnings and largely ignored weaker news.
  • Macro was benign with Equities across Europe up 3% on average. Trump Tariffs fears dominate the headlines. So far, the reality seems to be taken well, aided by Ukraine peace talks. Tuesday saw a high CPI print which caused rates to spike, but PPI on Wednesday had several PCE inputs which pointed to a more nuanced reading. This allowed Gov’t bond markets to recover.
  • Fund flows continued to see inflows at pace into $/€-IG while HY remained mild. European equities saw their first inflow in 19 weeks and at ~$2.5b, their largest since January 2023.   
  • €16.9bn of Primary supply for Corps and Fins was in line with expectations and well received with issuance on average 3bps inside MNI Fair Value.