COMMODITIES: Crude Edges Lower, Gold Unchanged But Bull Cycle Still In Play
Sep-25 16:49
* WTI crude has edged lower today amid further dollar strength and uncertainty around the supply-d...
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FED: US TSY 2Y AUCTION: NON-COMP BIDS $330 MLN FROM $69.000 BLN TOTAL
Aug-26 16:45
- US TSY 2Y AUCTION: NON-COMP BIDS $330 MLN FROM $69.000 BLN TOTAL
PIPELINE: Corporate Bond Roundup: Ontario 5Y SOFR Rolled to Wednesday
Aug-26 16:44
- Date $MM Issuer (Priced *, Launch #)
- 08/26 $1B #OCBC 10NC5 +80
- 08/26 $1B #Bank Saudi Fransi 10NC5 +200
- 08/26 $800M #Sempra 30.5NC5.25 6.375%
- 08/26 $500M #BOC Aviation 5.5Y +58
- 08/26 $500M #Mitsui & Co 5Y +63
- 08/26 $500M JERA Co 5Y +78
- Expected Wednesday:
- 08/27 $2B ESM 2030 WNG +42a
- 08/27 $Benchmark Ontario 5Y SOFR +54a
STIR: Modest Dovish Shift But Still Some Way Off Pricing Another ECB Cut
Aug-26 16:40
- ECB-dated OIS implied rates are up to 2bp lower on the day out in mid-2026 meetings, back to the more dovish levels of the day seen earlier in the session.
- It leaves a rate path at the most dovish since Thursday but with 19bp of cuts priced for still some way off fully pricing a cut from the current 2% deposit rate (the middle of neutral estimates between 1.75-2.25%).
- Headlines have been light today although French consumer confidence disappointed as it fell to its lowest since Oct 2023. In pushback to US President Trump's threat of tariffs for digital taxes, an EU spokesperson says claims its digital rules are censorship are unfounded and that it has the sovereign right to regulate its digital services.
- Euribor futures see gains on the day of up to 5.5 ticks in greens and blues.
- The SONIA/Euribor Dec 2026 spread of 165.5bps is 6.5bp higher from Friday’s close (allowing for yesterday’s UK bank holiday) having last closed higher in the first half of June.
- There’s no scheduled ECBspeak tomorrow. Next up is Bank of Finland’s Rehn speak at an annual Europe Forum event on Thursday at 0900BST, typically an important barometer for the broader Governing Council, before the ECB accounts. Rehn noted on Jackson Hole sidelines that an “insurance cut” isn’t needed with inflation at 2% but that the ECB will maintain full freedom of action at each meeting.
- In ECB position news, outgoing Bank of Portugal head Centeno will attend the rate-setting meeting on Sept 10-11 before new governor Santos’ mandate officially starts Sept 17.
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