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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.
FINANCIALS SECTOR
Further to last night's comments, Lloyds (LLOY LN), Barclays (BARC LN), StanChart (STAN LN) and NatWest (NWG LN) are four of the weakest-performing CDS names in IG world this morning.
- Lots of European bank equity sold off into last night's close which felt a lot like profit-taking and flattening of equity books into this afternoon's US bank results. CDS indications are following suit today.
- Most of these have been relatively good CDS performers over the last quarter but there is a tendency to be fearful into results seasons. Recall that Barclays is the only one with clear parallels with US bank reporting this afternoon, NatWest and Lloyds are much more UK domestic banks and StanChart is Asia-geared.
- Our rates colleagues noted that "the softer-than-expected 3-month/3-month domestic GDP and index of services data also seemed to get more attention than the headline monthly beats after some negative revisions. Still, next week’s inflation and labour market data are much more important when it comes to BoE policy matters."
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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