EURIBOR: EURIBOR FIX
Mar-25 10:02
- EUR001W -0.5610 0.0120
- EUR001M -0.5460 -0.0050
- EUR003M -0.4770 0.0060
- EUR006M -0.3920 0.0050
- EUR012M -0.1420 0.0180
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EQUITIES: Relief Rally
Feb-23 09:46
- Asian markets closed higher (though Japan observed a holiday). China's SHANGHAI closed up 32 pts or +0.93% at 3489.146 and the HANG SENG ended 140.28 pts higher or +0.6% at 23660.28.
- European equities are up sharply as Russia-Ukraine risks are seen easing, with cyclical stocks outperforming and energy underperforming. German Dax up 190.54 pts or +1.3% at 14693, FTSE 100 up 44.44 pts or +0.59% at 7494.21, CAC 40 up 107.67 pts or +1.59% at 6787.6 and Euro Stoxx 50 up 64.6 pts or +1.62% at 3985.47.
- U.S. futures are also gaining, with the Dow Jones mini up 274 pts or +0.82% at 33799, S&P 500 mini up 42.5 pts or +0.99% at 4342.5, NASDAQ mini up 192.5 pts or +1.39% at 14055.25.
SONIA: Sonia downside option
Feb-23 09:25
SFIH2 98.87/98.70ps vs 99.20c, sold the call at 1.25 in 2k
STIR: Weakness In Reds As Tightening Prospects Back In Focus
Feb-23 09:12
Europe short-term rate futures are weaker as perceived Russia-Ukraine risks are faded and central bank tightening prospects come back into focus.
- Red Euribor futures contracts are underperforming early Wednesday, with Dec23 down 6 ticks and lowest since Feb 15. Still about 12 ticks higher than the Feb 11 low, though. 2022 ECB hike pricing is back up to ~38bp vs ~35bp at Tuesday's close.
- In the UK, Sonia Reds are also off 5 ticks but Mar22 remains steady after a 50bp BoE hike next month was further priced out Tuesday following Ramsden's comments. Greens and Blues are little changed, while Golds are underperforming (off 6-6.5 ticks).
- The Dec23 Sonia contract is about 20 ticks higher than the Feb 16 low so plenty of room to run on the downside. OIS is pricing around 142bp of hikes in 2022, up marginally from Weds.
- Immediate focus will be on BoE TSC testimony at 0930GMT; Tenreyro appears then, and again at 1500GMT.
Source: BBG, MNI
