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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 AccessSpanish debt started on the defensive...>
EGB SUMMARY: Spanish debt started on the defensive as news filtered through that
many some Catalan banks are moving their headquarters outside of Catalonia.
However, Bonos have clawed back their losses as the day has progressed and the
spread to Germany is only around 0.6bp wider today.
- The Bund contract hit a patch of heavy selling early in the session that took
the contract from around 161.21 to 160.80. There was no obvious catalyst in the
news flow but definitely a stop-loss wave added to the move as the contract
passed through 161.00. Action was futures driven and the CTD into the RXZ7 was
the worst performer on the curve over that period.
- the 10Y German yield is 2.4bp higher at 0.48% and the 2-10Y spread is 2bp
steeper at 117bp and the Spanish curve is steepening more rapidly.
- Eurozone economic data have generally been strong, headlined by a
consensus-busting 3.6%M/M jump in German factory orders.
- The US employment report is key to the final hours of trading this week but
there are also some ratings agency updates after the US close. Moody's updates
Italy and DBRS tackles the Spanish rating.
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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.