CREDIT BULLETS: Day of rest for primary at end of busier week than forecast
* EU stocks make gains on Friday morning despite a mixed overnight lead and negative handover from Wall Street where tech stocks underperformed and markets ramped up bets on a Sep Fed rate cut to over 90%. Wall Street futures are virtually flat ahead of US Jun PPI Final Demand data and the start of US bank earnings which sees Citigroup, JPM & Wells Fargo update investors before today's US open. China trade got some attention overnight with the country's surplus surging to USD99.1bn in June after exports rose by a bigger-than-expected 8.6% YoY while imports unexpectedly fell by 2.3%. Hang Seng popped 2.59% on a rally in real estate but Nikkei slumped 2.45% as JPY jumped on suspected BoJ intervention
* Stoxx600 gains as much as 0.37%, led by Energy and Consumer stocks
* Govvies: EGB yields are on the up this morning with the 10yr GER and FR yields rising by as much as 5.4bps apiece
* Primary: Issuers are staying away at the end of the week, leaving the weekly single currency haul at EUR33.87bn and the highest since the w/e 31-May
* Performance checker of Thur's EUR benchmark deals (bp spread change from reoffer)
- SSA: BREMEN 2.875% 07/31 unch
* Ahead: US Jun PPI is the main data point whilst the focus will be on Q2 earnings from US banks Citigroup, JPM & Wells Fargo. S&P futures unch and Nasdaq futures -0.1%
Live deals/updates
- No deals are live on Friday 12th Jul
Key economic data / events so far
- FR Jun F CPI revised up to 2.2% YoY (from 2.1%)
- SP Jun F CPI matched flash at 3.4% YoY
Auctions
- No major term auctions scheduled for Friday 12th Jul
Ahead
- BoE quarterly bulletin (12:00)
- US Jun PPI (13:30)
- US Jul P Uni of Michigan Sentiment (15:00)
- 5 S&P500 companies report. Inlcudes Citigroup, JPM & Wells Fargo
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