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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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- Bloomberg headlines earlier on "record Euro issuance" include govvies (€15b in BTP's etc.) - still credit supply hasn't slowed down today - market taking today's supply in stride though - index curves little moved, Real Estate names the main drag in €IG, prints point to a small move tighter & compression - outperforming iTraxx (unch) for a change as well. $IG/HY finished -0.7/-7.2 yesterday, B's leading the move in $HY leaving CCC to continue widening against it. Snr fin's finished wider despite supply that's still well balanced. Issuance away from long-end may have continued supporting long-end spreads - its holding onto 6bps of outperformance this yr while rates curve have moved in parallel.
- We have bbg analyst consensus for S&P500 EPS for Q4 at +0.1% (varying adj. on EPS may have c growth higher) - base effects from last yrs Q4 fall of -3% QoQ support the YoY read - bbg c still has outright EPS contraction to end last year - that is expected to reverse higher throughout this year. S&P has opened -0.6% lower - rates holding flat not giving much support - local equities with similar moves, financials leading the fall though the move is broad based noting Oil volatility continuing - WTI rising 3% into midday before paring gains now. Credit names that reported this morning in US; ACI< SNX, AYI & NEOG.
- Quiet US Eco calendar (Fed Barr at 5pm Lon/12pm ET isn't expected to talk on MPol) leaves the focus for today on a $52b 3y UST auction that comes after our close at 6pm/1pm ET. ECB's Villeroy comes after our close too at 5:30pm/12:30pm ET - our macro team see him as neutral - he votes in first 3 meetings of this year.
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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.