STIR FUTURES: BLOCK: Dec'25 SOFR Buy
* +10,000 SFRZ5 96.37, post time offer at 0806:00ET. * The Dec'25 contract trades 96.365 last (-0.01...
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US: Trump post on China trade meeting
Donald J. Trump
@realDonaldTrump
The big Trade Meeting in Europe between The United States of America, and China, has gone VERY WELL! It will be concluding shortly. A deal was also reached on a “certain” company that young people in our Country very much wanted to save. They will be very happy! I will be speaking to President Xi on Friday. The relationship remains a very strong one!!! President DJT
EGBS: Early Futures Strength Pared As US Session Gets Underway
NY desks have been happy to fade a portion of this morning’s core EGB strength, with Bund futures now +13 ticks at 128.69, off earlier highs of 128.81.
- Market moving headline flow has been fairly limited, with participants looking forward to this week’s heavy central bank calendar.
- German yields are 1-2bps lower, with the belly still outperforming. 10-year yields hover around the 2.70% handle, still within this summer’s 2.60-2.80% range.
- 10-year EGB spreads to Bunds now comfortably tighter on the session as European equity futures extend to fresh session highs. SPGBs and BTPs lead, the former support by S&P’s ratings upgrade after hours on Friday.
- The OAT/Bund spread is now 0.5bps tighter on the session at 78.5bps, looking through Fitch’s expected rating downgrade to A+ on Friday.
SPAIN AUCTION RESULTS: On offer Thursday
Spain will look to sell a combined E5-6bln of the following Bono/Oblis at its auction on Thursday (Sep 18)
- the 2.40% May-28 Bono (ISIN: ES0000012O59)
- the 3.20% Oct-35 Obli (ISIN: ES0000012P33)
- the 4.00% Oct-54 Obli (ISIN: ES0000012M93)
