EURIBOR OPTIONS: Calendar put spread
Aug-29 10:09
ERV4 96.875p vs ERZ4 96.75p, bought the Oct for 0.75 in 6k.
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LOOK AHEAD: JOLTS and Conf. Board Consumer Survey
Jul-30 10:08
* US Data/Speaker Calendar (prior, estimate)
* Jul-30 0900 FHFA House Price Index MoM (0.2%, 0.3%)
* Jul-30 0900 S&P CoreLogic CS 20-City MoM SA (0.38%, 0.30%)
* Jul-30 1000 JOLTS Job Openings (8.14M, 8.00M)
* Jul-30 1000 Conf. Board Consumer Confidence (100.4, 99.7)
* Jul-30 1000 Conf. Board Present Situation (141.5, --)
* Jul-30 1000 Conf. Board Expectations (73.0, --)
* Jul-30 1030 Dallas Fed Services Activity (-4.1, --)
* Jul-30 1130 US Tsy $70B 42D CMB Bill auction
US: SOFR FIX - 30/07/24
Jul-30 10:07
SOFR FIX - Source BBG/CME
- 1M 5.34233 -0.00138
- 3M 5.24768 -0.00443
- 6M 5.07922 -0.00847
- 12M 4.74481 -0.00561
ITALY DATA: Q2 GDP Meets Consensus, Domestic Demand Contributes Positively
Jul-30 10:03
The preliminary estimate of Q2 Italian GDP was 0.2% Q/Q, in line with consensus expectations.
- Very few details are available in the flash release, though ISTAT notes that “there is a positive contribution by the domestic component (gross of change in inventories) and a negative one by the net export component”.
- The positive contribution of domestic demand comes despite a weak development of industrial production and retail sales throughout the quarter, alongside a tilt higher in household saving earlier in the year.
- However, we note that ISTAT consumer confidence has trended higher since October 2023, likely aided by Italy’s low inflation rate and resilient labour market, which has helped support real wages.
- On the production side, there was a “decrease of value added in both agriculture, forestry and fishing and in industry, whereas the contribution of services was positive”. This is consistent with the recent PMI dynamics (services expansionary, manufacturing contractionary).
