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No Overt Drivers For Early European Moves

CROSS ASSET

No overt trigger for the cross-market moves that we have seen from the time heading into the European cash equity open (core global FI bid, equities offered and an extension of USD weakness), at least in terms of fresh headline flow. Pre-Fed positioning and early European adjustments to yesterday’s moves in NY hours will no doubt get the usual airings.

  • A quick reminder that the FOMC-dated OIS strip shows 22bp of tightening priced for today’s decision (only 7 of the 103 economists surveyed by BBG look for no move in rates). Further out the strip, yesterday’s dynamics (with bank sector jitters, soft U.S. data and ‘x-date’ worry at the fore) removed virtually anything in the way of additional tightening that was previously priced in for the June meeting, while ~65bp of cuts are priced into the OIS-strip by year-end.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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