US INFLATION: Sequential CPI Pressures Softer Than Expected
Feb-13 13:47
January brought softer-than-expected CPI data across the board for the most part, though an upside beat in supercore (more on which in a moment). The Y/Y changes for headline and core CPI came in line/a little softer than expected.
- Headline % M/M was 0.17% vs 0.29% unrounded MNI median, with core at 0.30% below the 0.36% median.
- On the headline side, energy and food were each in softer-than-expected territory M/M, helping drive the downside "miss".
- Note that while the NSA series were not revised in this report (so prior Y/Y readings were unchanged), the annual revision of seasonal factors means December (prior) % M/M readings in this table have been slightly revised.
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EURIBOR OPTIONS: Ratio Put Condor
Jan-14 13:40
0RH6 98.00/97.93/97.87/97.62p condor 2x1x3x2, bought for 3.75 in 8k x 4k x 12k x 8k.
US TSYS: Post-PPI, REtail Sales React
Jan-14 13:36
- Treasury futures maintain modest bid, some sporadic selling keeping lid on prices after PPI MoM comes in as estimated, strong core as YoY rises slightly, Retail Sales marginal gain with prior down-revised
- TYH6 trades 112-12.5 (+2) vs 112-05.5 low / 112-14 high, key short-term resistance is unchanged at 112-31, the Dec 18 high.
- On the flipside, a bear threat in Treasuries remains present and for now, short-term gains are considered corrective. Attention is on support at 111-29, the Dec 10 low and bear trigger. A break of it would confirm a continuation of the bear cycle. Note too that a head and shoulders reversal pattern on the daily chart also highlights a bearish threat. Scope is seen for a move towards 111-19 initially, a Fibonacci projection.
- Bbg US Dollar index retreats to 1210.83 (-0.81).
EGB SYNDICATION: France 20-year May-46: Allocations
Jan-14 13:34
- Size: E10bln (top of the E8-10bln range MNI expected)
- Books closed in excess of E106bln pre-rec (inc E4bln JLM interest)
- Spread set: 3.25% May-45 OAT + 5bp (guidance was + 8bp area)
- Hedge ratio: 110% vs 3.25% May-45 OAT
- Maturity: 25 May 2046
- Coupon: First full
- ISIN: TBC
- Settlement: 21 January 2026 (T+5)
- Bookrunners: BNPP, Citi (B&D), HSBC, JPM, SocGen
- Timing: Hedge deadline 13:50GMT / 14:50CET
From market source / MNI colour
