EU CONSUMER CYCLICALS: Booking.com: 3Q results

• -6,000 TUZ5 104-04.38, post time bid at 0837:29ET, DV01 $238,200.
• The 2Y contract trades 104-04.38 last (+.75)

• Date $MM Issuer (Priced *, Launch #)
• 09/29 $1.4B Codelco WNG 2035 Tap +150a, 2055Tap +180a
• 09/29 $1.4B Waterbridge Starts $400M each 4Y, 8Y
• 09/29 $500M Fortitude Global Funding WNG 3Y +120a
• 09/29 $500M Starwood Property Trust 5.25NC
• 09/29 $Benchmark Societe Generale 11NC10 +160a
• 09/29 $500M Vakifbank WNG PerpNC5.25 8.5%a
• 09/29 $Benchmark Corebridge Funding 5Y +95a
• 09/29 $Benchmark Dominion Energy 2056 Taps
• 09/29 $Benchmark Scotiabank 60NC10 7.25%a
• 09/29 $Benchmark Rentenbank 5Y SOFR+41a
• 09/29 $Benchmark Kuwait 3Y, 5Y, 10Y investor calls
• 09/29 $Benchmark Egypt 3Y, 7Y Sukuk investor calls

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Energy And Services To Drive Headline Higher

• The Eurozone September flash inflation print is due on Wednesday morning, with data from Germany, France and Italy coming on Tuesday.
• Spain and Belgium released flash data Monday morning. Headline inflation is expected to rise across the four major economies, culminating in a 2.2% Y/Y median for the Eurozone-wide print (vs 2.0% prior). Core inflation is expected to be steady at 2.3% Y/Y.
• Across categories, the main driver in September will be the yearly rate of energy picking up to around –0.4% Y/Y (median of analyst previews MNI has seen) from –2.0% in August on the back of base effects. Meanwhile, the recent downtrend in services inflation is expected to temporarily halt with a small uptick to 3.2% Y/Y (vs 3.1% in August).

• Core goods are seen marginally lower than last month at 0.6%-0.7% Y/Y (vs 0.8% prior), albeit with uncertainty around the impact of seasonality and weight changes relative to 2024. Analysts generally expect little change in food, alcohol and tobacco inflation at around 3.2%.