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

Historical bullets

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