IRAN: Trump Says He Wants To Be Involved In Choosing Next Iranian Leader - Axios
US President Donald Trump has told Axios : https://www.axios.com/2026/03/05/iran-leader-trump-khamen...
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EUROPEAN INFLATION: ECOICOP2 Data Sees 2025 Unprocessed Foods Revised Down
Eurostat has published historical data for the new ECOICOP 2 categorisation, which will form the Eurozone inflation basket from January 2026. The only major subcomponent groups that have seen material changes through 2025 relative to ECOICOP 1 are processed and unprocessed foods. Weight changes suggest this is due to some reclassifications at the individual component level. Core HICP is still seen averaging 2.42% through 2025, though the December 2025 reading was revised up three hundredths under ECOICOP 2 to 2.32% Y/Y (vs 2.29% under ECOICOP 1). See the table and charts below for more details.
- Unprocessed food inflation was 3.53% Y/Y in December 2025 under ECOICOP 2, versus 4.18% under ECOICOP 1. The 9.2-point weight increase for unprocessed food is accounted for by an equal decrease in processed foods.
- Services inflation was 3.42% Y/Y in December 2025 under ECOICOP 2, versus 3.38% under ECOICOP 1. Non-energy industrial goods inflation was 0.35% Y/Y in December under ECOICOP 2, versus 0.37% under ECOICOP 1.
- The 2.1-point weight increase for services is accounted for by an equal decrease in non-energy industrial goods.
- The main category addition in ECOICOP 2 is the inclusion of "games of chance" into the services basket. This data will be available in the January HICP final release on February 25. Barclays estimate a ~10bp drag on Y/Y services inflation through 2026 due to this inclusion.
- A reminder that the Eurozone-wide flash January HICP reading is due tomorrow morning.
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PIPELINE: Corporate Bond Update:$4B EIB, $2B NDB Priced, Financials Yet to Price
- Date $MM Issuer (Priced *, Launch #)
- 02/03 $4B *EIB 10Y SOFR+43
- 02/03 $2B *New Development Bank 3Y SOFR+49
- 02/03 $2B Black Pearl Compute 5NC2
- 02/03 $1B United Airlines 3NC
- 02/03 $Benchmark American Express 3NC2 +75a, 3NC2 SOFR, 6NC5 +90a, 15NC10
- 02/03 $Benchmark Bank of America 6NC5 +85a, 6NC5 SOFR+108, 11NC10 +100a
- 02/03 $Benchmark Lloyds 4NC3 +85a, 4NC3 SOFR, 21NC20 +105a
- 02/03 $Benchmark National Rural Utilities 1.5Y SOFR+70a, 3Y +70a
- 02/03 $Benchmark Visa 3Y +50a, 5Y +55a, 7Y +65a, 10Y +70a
- 02/03 $Benchmark NextEra Energy 5Y +85a, 30Y +125a
- 02/03 $Benchmark Deutsche Bank 6NC5 +120a
- 02/03 $Benchmark PacifiCorp 30.5NC5.25 7.5%a
- 02/03 $Benchmark McCormick 3Y +80a
