EQUITIES: US Cash opening calls
Feb-15 14:23
- SPX: 4,115.3 (-0.5%).
- DJIA: 33,939 (-0.4%/-150pts).
- NDX: 12,524.7 (-0.5%).
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US-CHINA: MOFCOM Says Trade Teams Still In Contact, Confirms Liu/Yellen Meeting
Jan-16 14:15
The Chinese Ministry of Commerce has stated that US and Chinese trade teams remain in 'sound communication', while also confirming that Vice Premier Liu He will meet with US Treasury Secretary Janet Yellen in Switzerland on Wednesday 18 January.
- This will be the first face-to-face meeting between Yellen and a senior Chinese gov't official. Axios reports an unnamed Treasury Dep't official stating that the two will discuss "macroeconomic developments and other economic issues".
- Yellen has also voiced the view that the US should seek to hold further discussions with allies before launching an executive order that would act as an obstacle to investment in certain Chinese industries. This is primarily focused on seeking to halt China's advancement in high-tech semiconductors and microchips that could boost the country's military capacities.
FRANCE T-BILL AUCTION RESULTS: 12/21/23/45-week BTFs
Jan-16 13:56
| Type | 12-week BTF | 21-week BTF | 21-week BTF | 45-week BTF |
| Maturity | Apr 13, 2023 | Jun 14, 2023 | Jun 14, 2023 | Nov 29, 2023 |
| Amount | E2.499bln | E399mln | E399mln | E1.797bln |
| Target | E2.1-2.5bln | E0-0.4bln | E0-0.4bln | E1.4-1.8bln |
| Previous | E2.997bln | E1.596bln | E1.596bln | E1.697bln |
| Avg yield | 2.16% | 2.44% | 2.437% | 2.822% |
| Previous | 2.16% | 2.41% | 2.413% | 2.796% |
| Bid-to-cover | 2.66x | 7.62x | 7.62x | 2.79x |
| Previous | 2.63x | 4.10x | 4.10x | 3.48x |
| Previous date | Jan 09, 2023 | Jan 09, 2023 | Jan 09, 2023 | Jan 09, 2023 |
CANADA DATA: Slight Miss For Manufacturing Sales Helps Modest GoC Rally
Jan-16 13:42
- Manufacturing sales were softer than expected in November, flat vs expectations of a 0.3% M/M edging higher after surging 2.8% back in October.
- With industrial product prices falling -0.4% M/M, it left volumes increasing just 0.1% M/M.
- Strength was concentrated in motor vehicles (+13%) after three consecutive declines “as production in several assembly plants in Canada ramped up, which in turn led to higher capacity utilization rates amid supply constraints.”
- Market reaction limited for a miss in a volatile report, a modest GoC rally extends with the belly now 3bp richer vs 2bp shortly after open, whilst USDCAD holds at 1.34. Further data ahead.
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Mar-27 20:13
