EM CEEMEA CREDIT: Ajman Bank: Q3 earnings, neutral
(AJMNSS; NR/NR/BBB+) * UAE's smaller financial institution Ajman Bank posted Q3 earnings. At a gl...
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MNI EXCLUSIVE: Riksbank Governor Speaks to MNI
Riksbank Governor Erik Thedeen talks to MNI about the outlook for the policy rate and the central bank's balance sheet.- On MNI Policy MainWire now, for more details please contact sales@marketnews.com
STIR: Fed Pricing Steady After Flash PMIs, Leans Towards 2 Cuts Through Dec
No tangible reaction in the U.S. front end in the wake of the slightly softer-than-expected flash PMI data, which pointed to a moderate economic expansion in Q3 (see recent bullet for more detail).
- FOMC-dated OIS shows 23.5bp of easing for October and 44bp through year-end.
- SOFR-implied terminal rate pricing sits at 3.02%, consolidating the recent move back above 3.00%.
- Fedspeak from Governor Bowman & Chicago Fed President Goolsbee has generally leaned a little dovish on net (vs. pre-existing views, see recent bullets for greater detail).
STIR: J.P.Morgan Recommend Jun/Dec '26 SEK FRA Flatteners
J.P.Morgan recommend entering Jun26/Dec26 SEK FRA curve flatteners as they believe that “some easing bias, despite current Riksbank’s forecast, will likely get priced into the money market curve over the coming weeks/months”
- They go on to note that their baseline “is for the Riksbank to be on-hold over the coming quarters. This should be supportive of carry trading, especially at the front-end of the curve where yields are expected to stay in a tight range. The relationship between money market curves and outright yield has been weak recently but we believe that this relationship with strengthen over the coming weeks/months with the curve expected to exhibit a strong positive directionality versus yields; flatteners will behave essentially like low-beta bullish duration proxies, in our view”.
