EM CEEMEA CREDIT: Qatar Insurance Company: New Issue – Book update
Jul-02 07:49
(QATIQD; NR/A-/NR) "IPT: Qatar Insurance $Benchmark PerpNC6 Reg S Tier 2 6.75%a " - BBG Books >1.5...
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CROSS ASSET: Structural Inflation Risks Rise, FI & Equities Sell Off, Gold Firm
Jun-02 07:49
Markets seem to be pricing in risks of structurally higher inflation this morning.
- Headline drivers on this front are centred on:
- Trump’s latest tariff threats (a doubling of aluminium tariffs).
- Higher oil prices after the OPEC+ decision disappointed some, following pre-decision speculation for larger-than-delivered output hikes from the group.
- More intense Ukrainian attacks on Russia are also noted, but probably aren’t a major factor in today’s moves.
- Bonds have bear steepened as a result, as opposed to the bear flattening that would be more associated with shorter term inflationary worry.
- Firmer-than-expected Spanish manufacturing PMI data also weighs on EGBs.
- EUR 5y5y up ~2bp after failing to close below 2.05% last week.
- Equities are weaker against this backdrop, which is understandable.
- Meanwhile, spot gold adds 2%.
- The USD is lower vs. all G10 FX peers, with participants seemingly keen to resume the familiar greenback selling pattern when tariff risks increase.
EURIBOR OPTIONS: Outright Put buyer
Jun-02 07:46
ERM5 97.87p, bought for 0.25 in 6k.
MNI: ITALY MAY MANUFACTURING PMI 49.2 (49.6 FCAST, 49.3 APRIL)
Jun-02 07:45
- ITALY MAY MANUFACTURING PMI 49.2 (49.6 FCAST, 49.3 APRIL)
