TURKEY: Retail Sales Rise 12.2% Y/Y in August
Oct-10 07:25
- Turkey's retail sales rose 12.2% y/y in August versus a revised +13.3% in July, according to the Turkish Statistical Institute. On a monthly basis, retail sales rose 0.9% m/m versus a revised -0.1% in July.
- The spread between gold buying and selling prices per gram in the Grand Bazaar has risen to TRY 500 as some traders have halted sales of gram gold due to frequent price fluctuations, Ekonomi report. “This is the first time we’ve seen something like this in the Grand Bazaar since 1974,” one expert cited by the newspaper said.
- Ekonomi run a piece in which they note that declining purchasing power, high inflation, and high interest rates have weakened the ability of both citizens and businesses to repay loans to banks. In response to the rising non-performing loan balance, the banking sector’s non-performing loan sales accelerated, breaking a record with sales exceeding TRY 18bln in 3Q.
- Foreign Minister Hakan Fidan meets his Iraqi counterpart in Ankara today. No other data releases are scheduled.
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BUNDS: Futures Pierce Recent Highs
Sep-10 07:23
There was a technical element to the rally in Bund futures during the cross-asset vol. noted earlier, with the contract trading through the Sep 8 high (129.33), topping out at 129.44, just ahead of the Aug 5 high (129.50). A break above the latter would allow the recent bullish cycle to develop further.
- Contract eases back to 129.30 as cross-asset impetus subsides (detailed in recent bullet).
- German yields are 0.5-2.0bp lower, curve bull flattens.
EGB SYNDICATION: Luxembourg New 10-Year: Guidance
Sep-10 07:18
- EUR Benchmark of the new Sep-35 LGB (MNI pencil in a transaction size of E1.00-1.75bln)
- Guidance: MS+35bps area
- Issuer: GRAND DUCHY OF LUXEMBOURG (ticker: LGB)
- Ratings: Aaa/AAA/AAA (all stable)
- Format: RegS Bearer, Senior, Unsecured
- Coupon: Annual, ACT/ACT
- Size: EUR Benchmark
- Maturity: 17-September-2035
- Settlement: 17-September-2025 (T+5)
- ISIN: LU3182454440
- Bookrunners: BofA / BCEE / CACIB / DB / SG (B&D)
- Denoms: €1k+1k
- Target market: The target market for the Bonds is professionals, retail and eligible counterparties (all channels for distribution), each as defined in MIFID II/UK MiFIR.
- Timing: Books open, today's business
Per market source
CROSS ASSET: Move Fades
Sep-10 07:16
The knee-jerk USD bid fades from extremes as Euro Stoxx 50 futures recover back towards session highs after weakness around the cash equity open.
- Our best guess is that the USD bid stemmed from yield differentials moving in the USD’s favour on spillover from the weakness in European stocks.
- Volume was decent on the move, with ~38K Bund futures trading in a 10-minute window.
