EM CEEMEA CREDIT: Nigeria (NGERIA): Dec PMI
Jan-02 08:50
(NGERIA; B3/B-pos/B) * Neutral read for credit sentiment. December data shows marginally lower se...
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EURIBOR OPTIONS: Put Spread seller
Dec-03 08:46
ERM6 98.00/97.93ps, sold at 4 in 2.5k.
MNI: ITALY NOV SERV PMI 55.0 (53.9 FCAST, 54.0 OCT)
Dec-03 08:45
- MNI: ITALY NOV SERV PMI 55.0 (53.9 FCAST, 54.0 OCT)
GILTS: Twist Flattening To Start
Dec-03 08:42
Long end UK paper rallies, taking cues from overnight trade in U.S. Tsys.
- Futures briefly rally more than 60 ticks from yesterday’s low, topping out at 91.50 before fading back below 91.40.
- Bulls remain in technical control, with our technical analyst deeming the recent pullback to be corrective.
- Initial support and resistance in the contract remain located at 90.87 & 91.93, respectively.
- Yields 1bp lower to 1bp higher, curve biased flatter. 2s10s ~3bp off last week’s post-Budget closing low, while 5s30s is ~2bp off last week’s closing low.
- Modest dovish extension in SONIA futures on the gilt open, contracts last flat to +2.5.
- Final services and composite PMI data is due this morning, tangible market reaction would only be seen on a meaningful departure from the preliminary 50.5 reading in the services PMI.
- Elsewhere comments from BoE’s Mann (hawk) are due at 17:00 London. She may not touch on monetary policy as the topic of the panel that she will appear on is “Eroding reserve currency status: A current and historical perspective”. There will be a Q&A session.
