This site is part of the Informa Connect Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 3099067.

IGM | Informa Global Markets
IGM on LinkedIn
Start free trial today
Menu
Free trial

CEEMEA OPEN: PL activity quiets down ahead of US CPI

  • The DXY fell to a 9-day low late yesterday of 102.558 but has found support at the 102.600 handle.


  • After hours yesterday the Fed's Bostic affirmed that a rate cut is coming but wants to see 'a little more data' and suggests there could be a cut by the year end of the economy evolves as expected.


  • Bostic added that he wants to be “absolutely” sure to cut rates, noting that it will be very bad if they started easing but then have to pivot and hike rates again.


  • In markets, S&P added 1.7% to a 12-day high while the futures are little moved ahead of the EZ open.


  • Sep24 Bund futures traded in a 15-tick range o/night with a high at 135.04 (-2 ticks) vs an 8 day high at 135.08 on Tues & Sep24 US 10yr notes hit 113-22 (+2 ticks), matching yest's 8-day best.


Fresh in the CEEMEA Pipeline

  • No new deals in the pipeline.


On the Radar

  • Awaiting updates from The Republic of Slovenia, rated A3 (Stable) by Moody’s, AA- (Stable) by S&P, A (Stable) by Fitch and AA- (Stable) by JCR, who has filed Securities Registration Statement with the Japanese authorities for its potential JPY-denominated senior notes in Samurai format.
    1. The JPY Notes may be issued in the near future subject to market conditions
    2. The JPY Notes, if issued, are expected to be rated AA- by S&P and AA- by JCR
    3. Tenors: 3yr / 5yr / 7yr / 10yr
    4. One or more tranches may be dropped subject to issuer's preference and demand & each tenor may include Social Bond and/or Non-labelled bond tranches.
    5. Bookrunners include BNP Paribas, Nomura and SMBC Nikko.



Priced Deals

  • No new priced deals.


What to watch on Wednesday

  • The main events in CEEMEA today are Poland’s final CPI and 2Q GDP (8GMT), S. Africa's Business Confidence (9:30GMT) and Retail sales (11GMT) and Russia's weekly CPI (16GMT).


  • In the US, CPI data is due (12:30GMT).


  • No central bankers are scheduled to speak today.


Wider market Sentiment

  • USD Index at 103.118
  • UST 2yr/10yr at 3.935%/3.847%
  • Bund 2yr/10yr at 2.330%/2.180%
  • Brent at $81.22/brl


---- Subscribe to read more ----

To receive this analysis plus much more, subscribe to IGM. Request your free trial of the service today.

Request free trial