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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.
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Free AccessMNI China Daily Summary: Wednesday, December 11
Pre-positioning ahead of the ECB meeting and US CPI
- Core fixed income is on the front foot this morning with position squaring ahead of the ECB being cited as the reason.
- This theme is consistent with the moves seen in EGB spreads with Italian, Spanish and Portuguese spreads in particular tightening (BTP the biggest mover on the day).
- GGB spreads are barely changed on the day, with Greece holding a 10-year syndicated tap (MNI expects E3bln size).
- There is also focus on today's USD38bln 10-year UST reopening, while the UK has sold GBP1bln of its 10-year linker. Germany looks to sell E1.5bln 30-year Bund and Portugal E0.75-1.00bln of OTs.
- German trade data this morning was a little disappointing but had no market impact with focus remaining on tomorrow's ECB meeting and US inflation print.
- TY1 futures are up 0-4 today at 132-18+ with 10y UST yields down -2.4bp at 1.512% and 2y yields down -0.4bp at 0.150%.
- Bund futures are up 0.26 today at 172.36 with 10y Bund yields down -1.3bp at -0.238% and Schatz yields down -0.5bp at -0.679%.
- Gilt futures are up 0.14 today at 127.62 with 10y yields down -0.8bp at 0.761% and 2y yields down -0.1bp at 0.061%.
To read the full story
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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.