EM LATAM CREDIT: Ecuador December Trade Surplus Reported
Feb-13 17:50
"Ecuador's trade surplus widened to $672.6m in December from +$487.9m in November, according to Ecuador Central Bank.
Exports rose to $3.192b from $2.977b in November, Imports rose to $2.519b from $2.489b in November" - BBG
ECUA 6.9% 2030, $70.27, -.57
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LOOK AHEAD: Wednesday Data Calendar: CPI, Fed Speak, Beige Book
Jan-14 17:50
- US Data/Speaker Calendar (prior, estimate)
- 15-Jan 0700 MBA Mortgage Applications (-3.7%, --)
- 15-Jan 0830 CPI MoM (0.3%, 0.4%), YoY (2.7%, 2.9%)
- 15-Jan 0830 CPI Ex Food & Energy MoM (0.3%, 0.3%), YoY (3.3%, 3.3%)
- 15-Jan 0830 CPI Index NSA (315.493, 315.615)
- 15-Jan 0830 CPI Core Index SA (322.657, 323.400)
- 15-Jan 0920 Richmond Fed Barkin, Maryland event (text, Q&A)
- 15-Jan 1000 MN Fed Kashkari fireside chat, (no text, Q&A)
- 15-Jan 1100 NY Fed Williams keynote address CBIA eco-summit (text, Q&A)
- Jan-15 1200 Chicago Fed Goolsbee Midwest economics forum (no text, Q&A)
- 15-Jan 1400 Fed Beige Book
BONDS: EGBs-GILTS CASH CLOSE: Pressure Continues
Jan-14 17:45
Bunds underperformed Gilts Tuesday, ahead of inflation data Wednesday.
- After a constructive start, regional FI softened amid EGB supply, oil prices and equities moving off lows, and continued questions surrounding French and UK politics and fiscal policy.
- A softer-than-expected US producer price report saw yields briefly hit session lows before retracing higher over the course of the day.
- The German curve leaned bear steeper on the day, with the belly underperforming overall as yields hit fresh multi-month highs across the curve, while the UK curve was mixed.
- Periphery/semi-core spreads were flat/tighter, with OAT/Bund roughly steady through new French Prime Minister Bayrou's policy address.
- Focus early Wednesday is on UK December CPI (MNI's preview here), with consensus eyeing a downtick in Y/Y core and services inflation; later we hear from BoE's Taylor, while US CPI is the main global event later in the session.
Closing Yields / 10-Yr EGB Spreads To Germany
- Germany: The 2-Yr yield is up 2.6bps at 2.319%, 5-Yr is up 6.6bps at 2.462%, 10-Yr is up 3.9bps at 2.652%, and 30-Yr is up 4.6bps at 2.856%.
- UK: The 2-Yr yield is up 0.4bps at 4.605%, 5-Yr is up 1.1bps at 4.613%, 10-Yr is up 0.4bps at 4.889%, and 30-Yr is up 1.1bps at 5.449%.
- Italian BTP spread down 2.2bps at 118.8bps / French OAT down 1.4bps at 83.1bps
US TSY OPTIONS: More Mar'25 Call Buying
Jan-14 17:40
- Another +38,000 TYH5 108.5 calls, 27 ref 107-09 - puts total volume over 109.7k
- 5,600 TYG5 108 calls, 13 ref 107-09.5, total volume over 26k
