FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

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

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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

STIR: Lagarde Helps EUR STIRs Retrace Earlier Hawkish Adjustment

STIR
BulletMarketsFixed Income BulletsForeign Exchange Bullets

ECB-dated OIS price 22bps of easing through the October meeting, as President Lagarde notes that the ECB will take into account stronger confidence in the inflation outlook at that gathering.

  • This follows a less hawkish than usual slide deck from Executive Board member Schnabel last week.
  • There were ~18.5bps of cuts priced through October before Lagarde’s speech was released, with markets having reacted a little hawkishly to this morning’s set of national flash inflation data (though this was more a function of dovish positioning heading into the releases, rather than the numbers themselves).
  • OIS price 148bps of cuts through the June ’25 meeting, still a little below the 151bps seen before this morning’s German state-level data.
  • Euribor futures -1.0 to +2.0 ticks through the blues. ERZ5 and ERZ6 remain short of intraday highs. 

 

Keep reading...Show less
141 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.

ECB-dated OIS price 22bps of easing through the October meeting, as President Lagarde notes that the ECB will take into account stronger confidence in the inflation outlook at that gathering.

  • This follows a less hawkish than usual slide deck from Executive Board member Schnabel last week.
  • There were ~18.5bps of cuts priced through October before Lagarde’s speech was released, with markets having reacted a little hawkishly to this morning’s set of national flash inflation data (though this was more a function of dovish positioning heading into the releases, rather than the numbers themselves).
  • OIS price 148bps of cuts through the June ’25 meeting, still a little below the 151bps seen before this morning’s German state-level data.
  • Euribor futures -1.0 to +2.0 ticks through the blues. ERZ5 and ERZ6 remain short of intraday highs. 

 

Keep reading...Show less