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Why MNI
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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 AccessThe ECB meeting should have been big....>
EGB SUMMARY: The ECB meeting should have been big the driver of EGBs but all it
did was to introduce volatility. Firstly prices dropped as the ECB released
stronger GDP forecasts and then rose as the HICP forecasts were revised lower.
The important 2020 HICP forecasts reached only 1.7%. However, contacts pointed
out to us that H2 2020 rises to 1.8% and core inflation in 2020 is at 1.8%.
- The European outlook has improved and perhaps for this reason, the weakness in
5Y EGBs seen earlier in the day was maintained after the press conference.
- The 10Y Bund yield was +1.4bp on the day at 0.329%, a similar rise was seen in
the 2Y but the 5Y Obl was +2.6bp.
- Peripheral debt had a strong day, with Spanish debt rallying strongly in the
aftermath of its auction. The Spanish debt agency allocated just 3bln, at the
bottom of the E3-4bln range. The 10Y Greek spread to Germany tightened 14bp,
far out-doing the 4-5bp compression in Boos and PGB spreads. Interestingly, 30Y
Italian debt was weak.
- Note that there is a E13bln Schatz redemption on Friday and Italian exchange
auction.
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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.