JPY: Testing broader lows

Mar-01 08:08
  • The Yen is on the move, nothing fast, prints intraday low against the EUR, USD, and GBP, while AUD still lag capped by some decent sellers in European Equities on the cash open.
  • Market participants will be eyeing 163.00 next in EURJPY.

Historical bullets

EGB SYNDICATION: Italy 15-year Benchmark: Guidance

Jan-31 08:07
  • EUR Benchmark Long 15Y Fixed (Oct. 1, 2039) BTPS+13 Area
    • Coupon: Semi-annual, act/act
  • Benchmark Security: BTPS 3.25% 3/2038
  • Issuer: Italy Buoni Poliennali Del Tesoro (BTPS)
  • Ratings: Baa3/BBB/BBB/BBBH (Moody's/S&P/Fitch/DBRS)
  • Format: Reg S, dematerialized, registered, senior unsecured, 144a eligible, CAC
  • Settlement: Feb. 7, 2024
  • Denoms: 1k x 1k
  • Bookrunners: Barclays, BNPP (B&D), Citi, IMI, MS
  • Note: Will pay full first coupon on April 1, 2024 (accruing from Oct. 1, 2023)
  • Target Market: Eligible counterparties, professional clients and retail clients (all distribution channels)
(Details as per Bloomberg)

FRANCE DATA: Acceleration In Services Inflation Despite Lower-than-expected Headline Print

Jan-31 08:05

While the headline French flash inflation metrics printed below consensus on an annual and monthly basis, we note an acceleration in annual services CPI inflation to +3.2% Y/Y (vs +3.1% prior).

  • A reminder that the January flash PMI signalled that wage pressures continue to drive inflationary pressures in the services sector.
  • However, core inflation, which is not reported in the flash release, is likely to have continued decelerating in January, with non-energy industrial goods inflation estimated at +0.7% Y/Y (vs +1.4% prior).
  • Base effects meant annual energy inflation fell to +1.8% Y/Y (vs +5.7% prior). We note that increases in the excise tax on natural gas in January will have likely pushed up the monthly NSA energy print.
  • Tobacco prices rose +16.8% Y/Y, after tobacco duties were increased in January.
  • Finally, both processed and unprocessed foods inflation moderated in January, with overall food CPI at +5.7% Y/Y (vs +7.2% prior).
  • Rounding off this morning's data:
    • HICP: 3.4% Y/Y (vs 3.6% cons, 4.1% prior); -0.2% M/M (vs -0.1% cons, 0.1% prior).
    • CPI: 3.1% Y/Y (vs 3.3% cons, 3.7% prior); -0.2% M/M (vs 0.0% cons, 0.1% prior)

GILTS: Opening calls

Jan-31 07:57

Gilt calls, range 99.52/99.64.