Earnings: earnings season is getting to the tail end now. Once again, no blow ups emerged this week.
Newsflow: mostly M&A related.
Primary: rather quiet with only Transurban and Orano in the market. NIPs remain generally low, although we are seeing some premium for issues > 10y.
Secondary:
Industrials - generally tighter, in a +2/-8 range. Packaging was the volatile subsector with SMSDLN 9 to 18 tighter on the MNDILN news. Meanwhile BERY and VRLAFP finish wider. ENFP lagged after last week’s acquisition. Despite the risk on mood, Miners are unchanged. Airports performed well with HTHROW and ADRIT long end 5+ tighter.
Utils - unchanged overall in a +1/-6 range. ENGIFP outperformed, recouping primary driven weakness last week. IBESM widened 2-4 on M&A.
Autos - broadly unchanged, in a +6/-6 range with SCHAEFF wider post earnings.
Find more articles and bullets on these widgets:
(MNI) London - Frankfurter Allgemeine Zeitung (FAZ) reports that Chancellor Olaf Scholz is set to visit China on 15-16 April, according to an invite set to business reps from the Asia-Pacific Committee of German Business. Scholz's trip will mark his first to China since Nov 2022, when he met with President Xi Jinping in Beijing. During that visit Reuters reports that Scholz "pressed Xi to prevail on Russia to end its invasion of Ukraine, saying Beijing had a responsibility as a major power to do so."
Goldman Sachs note that “the CNY depreciated against the USD in January, despite some oscillations amidst different announcements of policy support. The DXY rose notably from the late December lows, primarily on solid employment reports and hawkish comments from Fed officials. CNY shorts built up in January on attractive carry returns.”
SX7E (20th Sep) 4800/5200cs 1x1.5, bought for 93.5 in 15k.