MNI: US OCT FINAL MANUF PMI 48.5 (FLASH: 47.8); SEP 47.3

MNI: BLS: NET REVISIONS TO SEPT, AUG PAYROLLS -112K

MNI: UK OCT FINAL MANUF PMI 49.9 (FLASH: 50.3); SEP 51.5

MNI China Daily Summary: Friday, November 1

MNI: PBOC Net Drains CNY275.5 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1135 Fri; +2.83% Y/Y

MNI: US SEP CONSTRUCT SPENDING +0.1%

MNI: US ISM OCT MANUF PURCHASING MANAGERS INDEX 46.5

EZ/UK Bond Supply Calendar: EU-Bond Auction on Monday

EUROPEAN FISCAL: DE 2025 Budget Gap Grows; Political Risk Is Rising

CANADA: Politics Week: Trudeau Facing More Internal Dissent And Departures

CANADA: Politics Week: Trudeau Faces More Pressure To Resign

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

MNI Credit Weekly; Some Tricks, Some Treats

AnalysisCredit AnalysisCreditStory
  • Euro credit spreads tightened another 1.5bps vs Bunds. This was at least partially the result of the bund curve cheapening; Swap spreads tightened 7-8bps in the belly of the curve.
  • Volatility picked up in macro assets. VIX rose to a high of 23.5. NASDAQ 100 fell 3.7% peak to trough on Weds/Thurs as Meta and Microsoft disappointed. Gilts, UST and DBR all sold off to recent yield highs primarily on funding concerns. There was some relief in the oil market which opened 4% lower on Monday but this move did retrace over the week.
  • There was a significant repricing of Central Bank moves, notably for the BoE. Over the week, the BOE’s expectations moved from 5 cuts to just 3.4 by Sep ’25.
  • Primary markets were active this week after subdued volumes earlier this month, headlined by the EUR 5bn DSV deal while books were well covered and NICs remained tight.

24.11.01 MNI Credit Weekly.pdf

153 words

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.
  • Euro credit spreads tightened another 1.5bps vs Bunds. This was at least partially the result of the bund curve cheapening; Swap spreads tightened 7-8bps in the belly of the curve.
  • Volatility picked up in macro assets. VIX rose to a high of 23.5. NASDAQ 100 fell 3.7% peak to trough on Weds/Thurs as Meta and Microsoft disappointed. Gilts, UST and DBR all sold off to recent yield highs primarily on funding concerns. There was some relief in the oil market which opened 4% lower on Monday but this move did retrace over the week.
  • There was a significant repricing of Central Bank moves, notably for the BoE. Over the week, the BOE’s expectations moved from 5 cuts to just 3.4 by Sep ’25.
  • Primary markets were active this week after subdued volumes earlier this month, headlined by the EUR 5bn DSV deal while books were well covered and NICs remained tight.

24.11.01 MNI Credit Weekly.pdf