EU CONSUMER STAPLES: Barry Callebaut; 1H25 (to Feb) results (x2)
Apr-11 12:48
Numbers we had from primary, subject to revision now; https://mni.marketnews.com/4b3Xi5J
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DATA REACT: USD Sheds Initial CPI Weakness, And Then Some
Mar-12 12:46
Having been sold on the CPI headlines, the dollar is recouping the losses and then some - putting EUR/USD now at fresh daily lows, having traded a daily high in the snap CPI reaction.
- Move mimics that seen in stocks and, in particular, bond markets - as Treasuries trade to new daily lows having erased the ~15 tick CPI spike.
- Details of the inflation print still being pored over and in particular the feedthrough to PCE, which could define the broader reaction here.
US TSY OPTIONS: May'25 5Y Call Spread Post Data
Mar-12 12:45
- 10,000 FVK5 110/112 call spds ref 107-27 to -24
US DATA: Airfares Lead Pullback In Supercore Services
Mar-12 12:41
The lower-than-expected core CPI reading of 0.23% M/M (0.27% MNI median, 0.45% prior) came with a modest upside surprise in core goods (0.22% M/M vs 0.16% expected, 0.28% prior), driven largely by used cars (0.88% vs 0.54% expected), while apparel also rebounded (+0.6% after -1.4%) and new cars were fairly steady (-0.1% after 0.0%).
- Core services were more benign however at 0.25% vs 0.31% expected (0.51% prior), with supercore as noted earlier slowing sharply.
- The main contributor in the services slowdown? Airfares, which was basically the only major category that analysts didn't expect pull back vs January - they fell 4.0% M/M for an 8-month low (after +1.2% in Jan. That alone shaved 0.05pp off core CPI.
- Though auto insurance was softer than expected as well at 0.3% (1.0% expected, 2.0% prior).
- Neither of those however are inputs into PCE so that may cast less of a dovish angle on the release.
