LOOK AHEAD: Eurozone Timeline of Key Events (Times BST)
Oct-12 05:18
| Date | GMT/Local | Country | Event |
| 12-Oct | ---- | EU | ECB Lagarde & Panetta IMF/World Bank Annual Meetings |
| 12-Oct | 1000 | EU | Industrial Production |
| 12-Oct | 1430 | EU | ECB Lagarde in Conversation with Tim Adams (IIF) |
| 13-Oct | ---- | EU | ECB Lagarde & Panetta IMF/World Bank Annual Meetings |
| 13-Oct | 0700 | DE | HICP (f) |
| 13-Oct | 0830 | EU | ECB de Guindos Speech at (M&A) España y Europa Event |
| 14-Oct | ---- | EU | ECB Lagarde & Panetta IMF/World Bank Annual Meetings |
| 14-Oct | 0700 | DE | Wholesale Prices |
| 14-Oct | 0745 | FR | HICP (f) |
| 14-Oct | 0800 | ES | HICP (f) |
| 14-Oct | 1000 | EU | Trade Balance |
| 15-Oct | ---- | IT | Italy Due to Submit Draft Plan for 2023 Budget |
| 15-Oct | 1815 | EU | ECB Lane Panels Annual RBWC Event |
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EUROZONE: Timeline of key events (Times BST)
Sep-12 05:18
| Date | Time | Country | Event |
| 12-Sep | 0830 | EU | ECB de Guindos Speaks at Foro Economico |
| 12-Sep | 0900 | IT | Industrial Production |
| 12-Sep | 1300 | EU | ECB Schnabel Opens ECB Research Conference |
| 13-Sep | 0700 | DE | HICP (f) |
| 13-Sep | 0800 | ES | HICP (f) |
| 13-Sep | 1000 | DE | ZEW Current Conditions / Expectations Index |
| 14-Sep | 1000 | EU | Industrial Production |
| 14-Sep | 1200 | EU | ECB Chief Economist Lane MMCG Opening Remarks |
| 15-Sep | 0745 | FR | HICP (f) |
| 15-Sep | 1000 | EU | Trade Balance |
| 15-Sep | 1015 | EU | ECB de Guindos Keynote Speech |
| 16-Sep | 1000 | EU | HICP (f) |
| 16-Sep | 1000 | IT | HICP (f) |
| 17-Sep | 1745 | EU | ECB Chief Economist Lane Cantillon Lecture |
US TSYS: Ukrainian Advance, ECB Speak & Double Supply Apply Light Pressure
Sep-12 05:03
Tsys have cheapened a little as we head towards European hours, with setup for today’s double 3- & 10-Year Tsy auction schedule, Ukraine regaining ground that had been lost to Russia, a weekend RTRS sources piece which suggested that “policymakers see a rising risk that they will have to raise their key interest rate to 2% or more to curb record-high inflation” and hawkish weekend communique from Bundesbank chief Nagel seemingly in the driving seat, resulting in some light cheapening in Asian hours.
- TYZ2 trades just above the base of its 0-08+ overnight range after printing through its Friday base, last -0-03+ at 115-20 on a sub-par ~45K lots, while cash Tsys run 1.0-2.5bp cheaper across the curve, with the 7- to 10-Year zone leading the weakness.
- Holidays in Hong Kong, China & South Korea limited wider market liquidity during Asia hours.
- UK economic activity data & ECB speak from de Guindos & Schnabel will provide some interest ahead of NY hours.
- The aforementioned double Tsy auction schedule provides the highlight of Monday’s NY calendar, although focus is squarely on Tuesday’s CPI print, with the Fed now in pre-FOMC blackout and a 75bp rate at this month’s meeting hike pretty much seen as a done deal (~72bp of tightening is priced into FOMC Sep dated OIS, with a terminal rate of just over 4% now priced into the OIS strip, after the latter moved higher in the wake of Friday’s Fedspeak).
US TSYS: TYZ2 Through Friday’s Trough
Sep-12 04:28
TYZ2 moves lower, breaking below its early Asia/Friday trough, with the major global core FI space generally on a cheapening trajectory over the last couple of hours.
- The move is perhaps coming as liquidity picks up as European traders start to filter in (although it may be a little early for that) and react to the previously flagged news re: Ukraine regaining some of the territory lost to Russia and RTRS sources piece which suggested that “ECB policymakers see a rising risk that they will have to raise their key interest rate to 2% or more to curb record-high inflation.” Set up for today’s double 3- & 10-Year auction schedule will also be helping the direction of travel.
- Cash Tsys run 1.0-2.5bp cheaper across the curve, steepening, with a parallel shift in the 7+-Year zone, while TYZ2 trades at the base of its 0-08 range.
