COLOMBIA: November Retail Sales Beat Expectations, IP Weaker-Than-Expected
Jan-17 15:03
- "*COLOMBIA NOV. RETAIL SALES RISE 10.4% Y/Y; EST. +4.6%" - BBG
- "*COLOMBIA NOV. MFG PRODUCTION FALLS 0.8% Y/Y; EST. -0.6%"
- "*COLOMBIA NOV. INDUSTRIAL PRODUCTION FALLS 2.1% Y/Y; EST. -0.3%"
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EURIBOR OPTIONS: Outright mid curve buyer
Dec-18 14:51
0RH5 99.12c, bought for 0.75 in 10k.
EQUITIES: Softer Through the Open, But More Meaningful Support Ahead
Dec-18 14:51
- The slide in equity futures into the cash open has persisted, putting the e-mini S&P at new daily lows of 6118.50 and well within range of the overnight and Tuesday lows at 6113.50. This puts cash markets lower in early trade, with the S&P 500 off by 0.1% to build on yesterday's lower close.
- While the December range is largely being respected, markets will look shakier on a break of tested support at 6107.00/03.50, a print below which puts the index at the lowest this month.
- Discretionary names are leading the weakness, with a lower open for Tesla (-2.5%) undermining the sector. In contrast, NVidia and semiconductors more generally are bouncing: NVidia is higher by near 3%, although will need to add another 3.5% here to get back to flat for December.
- The Fed decision certainly the market focus ahead, at which the FOMC are expected to proceed with a further 25bps rate cut. The market is set to focus not on today's decision itself, but on the messaging and communication for the path of policy across 2025, via the policy statement, Powell's press conference and the dot plot.
ECB: Details Of Wage Tracker Publishing Released
Dec-18 14:43
As noted by Chief Economist Lane in today's webcast with the MNI Policy Team, the ECB will begin publishing its wage trackers on a regular basis.
Link to press statement: https://www.ecb.europa.eu/press/pr/date/2024/html/ecb.pr241218_1~1acca7fac8.en.html
- "Indicators to be published regularly in week following monetary policy meeting, on Wednesday at 10:00."
- "December ECB wage tracker suggests negotiated wage pressures will ease overall in 2025 compared with 2024."
- "It currently points to strong negotiated wage growth of 4.7% in 2024 (based on an average coverage of 47.4% of employees in participating countries), easing to 3.2% in 2025 (based on an average coverage of 32%)".
- "The ECB wage tracker with unsmoothed one-off payments indicates an average negotiated wage growth level of 4.8% in 2024, which eases to 2.7% in 2025".
