CREDIT UPDATE: EU Close
May-01 15:52
- Weakness in $IG (~+1bp) in US morning though Fed before their close will have the final say. £IG looks net flat.
- €IG equity basket is flat but plenty of earnings linked vol in $ & £ equities. SPX is -0.3% in US morning - though its being dragged on by Energy (-1.5%) & Tech (-1%). Former on WTI falling -3% (weekly US inventories came high), latter on earnings misses.
- $IG basket is still -0.2% dragged on by double digit falls on CVS, Starbucks & Estee Lauder earnings.
- Treasury refunding was inline while ADP (not a mover for NFP) showed private jobs at firm +192k (+c183k) in April. JOLTS job openings missed at 8488k (c8680k) dropping ratio to unemployed to 1.32 lowest since Aug '21.
- Main data - ISM manufacturing - was tad weaker at a contractionary 49.2 (c50, prev. 50.3) though with hawkish read through on prices paid at 60.9 (c55.4, prev 55.8).
- US rates are net -3bps through their morning data.
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US OUTLOOK/OPINION: BofA on Friday's Employment Data
Apr-01 15:48
- Bank of America analysts expect jobs to rise by 200k at this Friday's March NFP, compares to current estimate of +205k vs. +275k in February. "payrolls in the month of March have shown a tendency to be weak relative to February in recent years. Average hourly earnings, meanwhile, are likely to rise by 0.3% m/m or 4.1%y/y. On the household survey side, we expect the unemployment rate to remain at 3.9%."
US TSYS: US TSY 26W BILL AUCTION: HIGH 5.125%(ALLOT 82.62%)
Apr-01 15:31
- US TSY 26W BILL AUCTION: HIGH 5.125%(ALLOT 82.62%)
- US TSY 26W BILL AUCTION: DEALERS TAKE 27.25% OF COMPETITIVES
- US TSY 26W BILL AUCTION: DIRECTS TAKE 5.51% OF COMPETITIVES
- US TSY 26W BILL AUCTION: INDIRECTS TAKE 67.25% OF COMPETITIVES
- US TSY 26W BILL AUCTION: BID/CVR 2.85
US TSYS: US TSY 26W AUCTION: NON-COMP BIDS $1.998 BLN FROM $70.000 BLN TOTAL
Apr-01 15:15
- US TSY 26W AUCTION: NON-COMP BIDS $1.998 BLN FROM $70.000 BLN TOTAL
