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CREDIT BULLETS: Primary recording goose egg, attention turning to busy week ahead

  • EU stocks make tentative gains this morning with markets in a wait-and-see mood ahead of today’s hotly anticipated speech by Fed Chair Powell. Wall Street futures are higher after a few chips came off the table Thursday, as US yields rose from multi-session lows and stocks moved back from recent highs. The ECB Consumer Expectations Survey for July revealed steady 1yr Inflation Expectations at 2.8% for a third consecutive month (10bp above consensus, lowest since September 2021) and a 10bp rise for the 3yr horizon at 2.4% after two months at 2.3%
  • Stoxx600 up as much as 0.34% with index being held back by losses in Tech
  • Govvies: Very modest moves recorded on Friday morning although BTPs slightly outperform
  • Primary: The euro market is recording a predictable blank on Friday, leaving the weekly haul at EUR31.1bn – still the highest since the w/e 12-Jul
  • FIG WEEKLY: Tier 2 in the spotlight as primary gets back to business
  • Performance checker of Thur’s EUR benchmark deals (bp spread change from reoffer) –
  • Ahead: Fed’s Powell speaks at the Jackson Hole gathering, as does BoE chief Bailey. Jul new home sales the only US data release of note. S&P futures +0.5% and Nasdaq futures +0.7%

Live deals/updates

No deals are live on 23rd Aug

Fresh in the pipeline

IssuerCCYNotes
United Kingdom of Great Britain and Northern IrelandGBPJan 2040 conventional gilt in w/c 2-Sep

Key economic data / events so far

  • JN Jul National CPI higher than exp at 2.8% (f/c 2.7%, prev 2.8%)
  • FR Aug Business/Manufacturing Confidence beat at 97/99 (f/c 96/96, prev 94/95)
  • EC Jul ECB 1yr/3yr CPI Expectations higher than exp at 2.8%/2.4% (f/c 2.7%/2.3%, prev 2.8%/2.3%)

Auctions

  • No major term auctions took place on morning of 23rd Aug

Ahead

  • US Jul New Home Sales (15:00)
  • Fed’s Powell (15:00) and Goolsbee (17:30, 18:45 & 19:15)
  • BoE’s Bailey (16:00)


***** Please note that due to the UK Bank Holiday the next CREDIT BULLETS will be on Tuesday 27th Aug *****


All times BST


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