RATINGS: Sovereign Ratings Up For Review On Friday
Aug-12 14:32
Potential sovereign rating reviews of note scheduled for after hours on Friday include:
- Moody’s on Germany (current rating: Aaa; Outlook Stable)
- S&P on Switzerland (current rating AAA; Outlook Stable) and Hungary (current rating: BBB; Outlook Stable)
- DBRS Morningstar on Belgium (current rating AA (high); Negative Trend)
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
US TSY FUTURES: BLOCK, 30Y Sale Into Bounce
Jul-13 14:31
- -3,000 USU2 139-01, sell through 139-04 post-time bid at 1024:19. Still weaker futures have largely recovered from post-CPI sell-off w/ USU trading 139-00 last, -11.
US EIA:CUSHING STOCKS +0.32M TO 21.6M BARRELS IN JUL 08 WK
Jul-13 14:31
- US EIA:CUSHING STOCKS +0.32M TO 21.6M BARRELS IN JUL 08 WK
- US EIA:DISTILLATE STOCKS +2.67M TO 113.8M IN JUL 08 WK
- US EIA:GASOLINE STOCKS +5.82M TO 224.9M IN JUL 08 WK
- US EIA:CRUDE OIL STOCKS EX SPR +3.25M TO 427.1M JUL 08 WK
BONDS: EGB/Gilt - US CPI beat and BoC drive Govies
Jul-13 14:28
- EGBs and Bund fell this afternoon, following the US CPI beat and Bond, also saw another round of selling after the Bank of Canada raised rates more than expected, by 100bps vs the 75bps expected.
- US CPI: Core goods prices continue to bounce back (+0.8% M/M, highest since January, +0.7% prior), while core services picks up after a brief lull (+0.7%, +0.6% prior).
- Shelter continues to be a huge inflation driver, and had been seen by consensus as cooling vs a particularly strong May. That clearly didn't happen: Owner equivalent rent hit a fresh post-1990 high in month/month terms (+0.70% M/M, +0.60% prior), while rent of primary residence prices rose by the fastest since 1986 (+0.78%, +0.63% prior).
- June saw several key pandemic-related components of CPI fading. Travel-related categories had been seen softening in June by most analysts, though there was a mix of opinions on how much used/new cars would soften.
- Bonds are nonetheless off their lows at the time of typing, as desks cover, as we head towards the later stage of the European session.
- Peripherals are again mixed today, with Greece is 6.3bps tighter, and Italy 4.7bps wider.
- Gilt outperforms Germany, and the gilt/Bund spread trades well within ranges.
- Looking ahead, Bank of Canada's Macklem Speaks to Reporters After Decision.
- Tomorrow, sees Sweden CPI and US PPI.
