CREDIT SUPPLY: Norsk Hydro (NHYNO Baa2/BBB/NR): Final Terms
Jan-16 12:37
- Final terms: EU500m WNG 7Y Green at MS+120.
- Guidance: MS+130 Area.
- IPT: EU500m MS+160 Area.
- Books above EU4.3bn, up from EU3.6bn.
- We had FV at MS+130a.
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MNI EXCLUSIVE: MNI Speaks to CFIB on Trudeau's Efforts to Avoid US Tariffs
Dec-17 12:32
- Justin Trudeau's efforts to encourage Donald Trump to lift the threat of a 25% tariff have been set back by the resignation of his finance and housing ministers, Canadian Federation of Independent Business Vice President Corinne Pohlmann told MNI.
EMERGING MARKETS: Price Signal Summary - Bear Leg In Gilts Extends
Dec-17 12:08
- In the FI space, the current bearish cycle in Bund futures remains in play and the contract continues to trade closer to its recent lows. Sights are on 133.98, 61.8% retracement of the Nov 6 - Dec 2 bull cycle. Clearance of this level would strengthen the current downleg. For bulls, a reversal higher would highlight the end of the correction. First key resistance to watch is 136.01, the Dec 12 high.
- A strong bearish theme in Gilt futures remains in play and today’s gap lower reinforces current bearish conditions. The move down has resulted in a breach of key short-term support at 93.40, the Nov 18 low. A break of this level strengthens the bear condition and highlights a stronger reversal. Sights are on the 93.00 handle. Initial firm resistance is at 95.05, the 20-day EMA. The contract is oversold, short-term gains would be considered corrective. First resistance is 93.87, the Dec 16 low and gap high on the daily chart.
SPAIN: Bank of Spain Raises 2024 and 2025 GDP Projections
Dec-17 12:05
- The Bank of Spain has revised up its economic growth outlook by 0.3 percentage points for 2024 and 2025 to 3.1% and 2.5%, respectively in its December projections, while leaving inflation unchanged for both years 2.9% and 2.1%.
- This year, growth was revised up due to an update from new data in the national accounts and a stronger than expected second half of the year. The 2025 revision benefits from a stronger last quarter of 2024 and the fiscal boost from support measures for the floods in Valencia.
- Risks the economy are tilted tp the downside and to upside for inflation due to the potential effects of the new US administration and political crisis in Germany and France. Growth for 2026 is unchaged at 1.9% and inflation was revised a touch to 1.7%.
- Note that Bloomberg analyst consensus sees 2025 GDP growth at 2.2% - below the Central Bank's projections.
