SONIA: Call Condor Buyer
Aug-17 10:33
SFIV3 94.15/94.25/94.35/94.55 call condor bought for 1.5 in 2.5k
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ESM ISSUANCE: 6-month ESM-bill auction results
Jul-18 10:33
| Type | 6-month bills |
| Maturity | Jan 25, 2024 |
| Amount | E1.097bln |
| Target | E1.1bln |
| Previous | E1.084bln |
| Avg yield | 3.6785% |
| Previous | 3.5200% |
| Bid-to-cover | 3.31x |
| Previous | 1.99x |
| Previous date | Jun 20, 2023 |
EQUITIES: BNY Mellon, BofA and Morgan Stanley Among Tuesday Earnings Highlights
Jul-18 10:23
Earnings season continues Tuesday, with the highlights today including:
- 1130BST/0630ET: BNY Mellon, PNC Financial Services
- 1145BST/0645ET: Bank of America
- 1230BST/0730ET: Morgan Stanley
- Pre-market: Charles Schwab, Lockheed Martin
Full schedule including timings, EPS and revenue expectations here: https://roar-assets-auto.rbl.ms/files/54647/MNIUSE...
STIR: Fed Rate Cuts Build With Retail Sales Next On The Docket
Jul-18 10:20
- Fed Funds implied rates have softened overnight, coming through Asia hours on clear drivers but then being further supported by dovish ECB speak from Knot. Near-term meetings see only modest change with larger declines into 2024 with later 2024 inversion building more notably.
- Cumulative hikes from 5.08% effective: +23.5bp Jul (unch), +26.5bp Sep (unch), 30.5bp to a terminal 5.39% Nov (-1bp).
- Cuts from terminal: 8bp to Dec’23 (from 7bp), 80bp to Jun’24 (from 76bp) and 157bp to Dec’24 (from 148bp).
- Amidst the FOMC blackout on all things mon pol-related, two supervision-related appearances from Fed officials today at 1000ET touching on fair lending and climate change.
Source: Bloomberg
