FRANCE AUCTION PREVIEW: On offer next week
Aug-29 09:05
France has announced it will be looking to sell a combined E9.5-11.0bln of the following LT OATs at its auction next Thursday, September 4:
- the new Nov-35 OAT (ISIN tba)
- the 3.60% May-42 OAT (ISIN: FR001400WYO4)
- the 3.75% May-56 OAT (ISIN: FR001400XJJ3)
France has additionally announced it will be looking to sell up to combined E7.1bln of the following BTFs at its auction next Monday, September 1:
- E2.6-3.0bln of the new 14-week Dec 10, 2025 BTF
- E0.0-0.4bln of the 19-week Jan 14, 2026 BTF
- E1.4-1.8bln of the 27-week Mar 11, 2026 BTF
- E1.5b-1.9bln of the 49-week Aug 12, 2026 BTF
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MNI: EUROZONE Q2 PRELIM FLASH GDP +0.1% Q/Q
Jul-30 09:00
- MNI: EUROZONE Q2 PRELIM FLASH GDP +0.1% Q/Q
- EUROZONE Q2 PRELIM FLASH GDP +1.4% Y/Y
EUROZONE DATA: Upside Risks To Q2 Eurozone GDP Materialize
Jul-30 09:00
Eurozone GDP printed 0.1% Q/Q in Q2, slightly stronger than consensus of 0.0% and slightly softer than the ECB's 0.2% staff projection. It was below Q1's outsized 0.6%.
- Ireland, which had a strong upward contribution in Q1, dragged the print lower this time at -1.0% Q/Q.
- Across the four major economies, detailed information on the Q1 data is lacking. Drivers across countries are mixed, with Germany mentioning stronger private and government consumption but weak investment, France seeing a material inventory contribution but weak domestic demand, while Italy and Spain both see positive domestic demand.
- Summarising the main quarterly GDP prints released yesterday/this morning:
- Eurozone: 0.1% Q/Q vs 0.0% cons, 0.6% prior.
- Germany: -0.1% Q/Q vs -0.1% cons, 0.3% prior.
- France: 0.3% Q/Q vs 0.1% cons, 0.1% prior.
- Italy: -0.1% Q/Q vs 0.1% cons, 0.3% prior.
- Spain: 0.7% Q/Q vs 0.6% cons, 0.6% prior.
BONDS: Off Highs Into Italian & UK Bidding Deadlines
Jul-30 08:59
Impending bond supply out of Italy and the UK probably factor into the pullback in core global FI in recent trade, macro headlines fairly limited.
