LOOK AHEAD: Friday Data Calendar: Durables, Cap-Goods, KC Fed Services
Jul-24 16:53
* US Data/Speaker Calendar (prior, estimate) * 07/25 0830 Durable Goods Orders (16.4%, -10.5%), ex-t...
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EUROPEAN FISCAL: MNI Analysis: German Budget / DFA Q3 Issuance Review
Jun-24 16:51
Executive Summary:
- Finance minister Klingbeil detailed Germany’s spending surge, broadly confirming figures from media reports yesterday, including federal net issuance plus special funds totalling E847bln through 2029
- DFA (German DMO) announced E19bln higher Q3 issuance on the back of that. 7y segment to be reintroduced, and “conditions being set” for 50y reintroduction (which the DFA had hinted at that previously)
- NATO defence spending target of 3.5% GDP to be met in 2029 (earlier than 2032 previous base case) whilst infrastructure measures are to focus on rail, education, social housing, digitization, and climate transition-related items – broadly as expected, but analysts note risks of slower-than-planned roll-out
- Klingbeil was rather vague around “commissions enacted” on broader structural reform measures. Otherwise, he pointed away from EU EDP issues, and admitted debt servicing costs are to more than double through ‘29
IRAN: Headline Suggests Iranian President Ready to Resolve Issues with US
Jun-24 16:49
- "IRANIAN PRESIDENT SAYS READY TO RESOLVE ISSUES WITH US BASED ON INTERNATIONAL FRAMEWORKS IN PHONE CALL WITH SAUDI CROWN PRINCE - IRNA NEWS AGENCY" (Reuters)
FED: US TSY 2Y AUCTION: NON-COMP BIDS $300 MLN FROM $69.000 BLN TOTAL
Jun-24 16:45
- US TSY 2Y AUCTION: NON-COMP BIDS $300 MLN FROM $69.000 BLN TOTAL
