TRANSPORTATION: Air France-KLM; CEO speaking
Apr-09 14:22
(NR/BB+/BBB-) {AF FP Equity} Sounds like fuel more than offsetting the slight weakening in yields/p...
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EGBS: Goldman: Spot Curve Steepening, Forward Flattening, Swap Spds Into Unknown
Mar-10 14:21
Goldman Sachs think “2s10s core EGBs curves will continue to steepen and forecast a move around 35bp above the forwards this year”.
- At the same time, they suggest that “higher German issuance will not only manifest as higher term premium, but upside growth risks in coming years will likely affect market perceptions of terminal rates”.
- For this reason, they think “forward rates can actually flatten, such as 2y2y vs 5y5y even as the spot curve steepens”.
- They also “continue to see swap spread tightening as offering the least compelling risk reward vs. steepeners or outright belly shorts, given the valuation constraints and global tailwinds to wider spreads, for example from potential U.S. bank regulatory changes”.
US TSYS: Weakness In Stocks Provides Fresh Support, Friday Highs In Futs Intact
Mar-10 14:11
That weakness in equities provides further support to U.S. Tsys, although futures have failed to break Friday’s highs across the curve. Yields 6-10bp lower, 5s outperform, trading back below 4.00%.
EQUITIES: NASDAQ 100 E-Mini Through Trend Support, S&P 500 Probes Friday Low
Mar-10 14:08
Further weakness in equities evident here as the NASDAQ 100 e-mini trades through the uptrend line drawn off the early ’23 low.
- S&P 500 e-mini futures test intermediate support at Friday’s low.
- Meanwhile, the UBS Magnificent 7 index hits the lowest level seen since mid-Sep ’24.
Fig. 1: NASDAQ 100 E-mini Futures
Source: MNI - Market News/Bloomberg
