EQUITIES: Extending losses
Jun-16 07:16
- Nasdaq and Emini falls over 1%.
- Stoxx600 is 0.52% down, with Retail and Tech the worst performers, down 2.59% and 1.57% respectively.
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GERMAN AUCTION PREVIEW: New 0.20% Jun-24 Schatz
May-17 07:10
- On offer today: E6bln of the new 0.20% Jun-24 Schatz (ISIN: DE0001104883), launched via conventional auction.
- Market colour: The new Schatz will have the first non-zero coupon since the 0.25% Jun-16 Schatz (that was first issued in May 2014). Yields for the current on-the-run Schatz (0% Mar-24 Schatz) have risen since the 40bp dip at the beginning of March at the onset of the Ukraine war. Yields reached a high of 0.349% on May 6 and have moderated to around 0.172% at time of writing.
- Timing: Results will be available shortly after the auction closes at 1030 BST / 1130 CEST.
Similar past auctions:
The current on-the-run Schatz is the 0% Mar-24 Schatz (DE0001104875).
| Issued | Allotted | Avg yield | Bid/cover | Bid/offer | Price | Pre-auct | Operation | |
| On offer: | E2bln | Current | 0.172% | |||||
| Last 3 ave | E5.667bln | E4.567bln | -0.233% | 1.03x | 1.28x | |||
| 12-Apr-22 | E5.5bln | E4.453bln | 0.160% | 1.26x | 1.55x | 99.70 | 99.69 | Auction |
| 15-Mar-22 | E5.5bln | E4.403bln | -0.360% | 0.87x | 1.08x | 100.72 | 100.73 | Auction |
| 01-Feb-22 | E6bln | E4.846bln | -0.500% | 0.97x | 1.20x | 100.07 | New | Auction |
MARKET INSIGHT: What to watch
May-17 06:58
- After a relatively risk-on Asian session, we saw a strong UK labour market print with single month earnings growing at a record pace and vacancies outnumbering the unemployed for the first time. This has helped the SONIA strip move lower than either the Euribor or Eurodollar strips while the pound is gaining ground (but still underperforms the Scandis and AUD since the NY close).
- We look for central bank speakers to be closely watched again. We are due to hear from the ECB's Centeno, BOE's Cunliffe and Fed's Bullard. Riksbank's Ohlsson's speech on monpol in times of war could be interesting at 12:15BST. He was at the February meeting one of the most hawkish members but in the April Minutes seemed to be a bit less hawkish than Skingsley, and on a similar level on the hawk/dove scale to Ingves.
- The data highlight for the remainder of the day will be US retail sales. We also receive the second print of Eurozone GDP.
CROSS ASSET: NI Protocol at the forefront
May-17 06:57
- Foreign Secretary Liz Truss will today announce the government’s plan for new legislation to override parts of the Northern Ireland Protocol.
- There's no set time and according to Politico: "Cabinet meets in the morning, where Truss will seek sign-off on the plan, before making a statement to the Commons this afternoon."
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