CROSS ASSET: Some dislocation between Europe and the US.
Feb-14 08:37
- Some dislocation in early trade between Europe and the US, while Bund is pushing lower, albeit still well within Tech levels, US Tnotes is seeing buying interest off the lows, although nothing can really be ascertain when the US 10yr is trading in a tight 4 ticks.
- Seeing similar opposite moves in Equities, Estoxx is higher, but the Emini sees selling interest.
- As noted on the European Open, Dollar selling was the early interest in FX, the Kiwi leads in G10s, and Market participants will be watching the 0.5723 level in NZDUSD, this was not only 2025 high, but also where the cross was trading at pre December FOMC meeting, on the 18th December.
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EQUITIES: Big names are reporting Today
Jan-15 08:32
US Earnings kicks off today, big names are reporting all pre Markets, notable ones:
- Pre Markets: Blackrock, BoNY, Citi, GS, JPM, Wells.
ECB: de Guindos Re-iterates ECB Base Case Of Further Easing
Jan-15 08:31
Few big surprises from ECB VP de Guindos' speech at the 15th edition of Spain Investors Day:
- "The balance of macroeconomic risks has shifted from concerns about high inflation to concerns about low growth"
- "Given the high level of uncertainty, we will continue to follow a data-dependent and meeting-by-meeting approach to determining the appropriate monetary policy stance. The high level of uncertainty calls for prudence"
- "If the incoming data confirm our baseline, the policy trajectory is clear, and we expect to continue to further reduce the restrictiveness of monetary policy."
He joins several Governing Council colleagues since the turn of the year in calling for further ECB easing. OIS markets continue to essentially fully price a 25bp cut in January and March.
US TSY OPTIONS: TY Weekly Option
Jan-15 08:30
TY Weekly Option, expiry Friday.
- TY 108c, bought for '08 in 9k.
