US: UKRAINE: Kellogg Had 'Positive' Discussions With Zelenskyy
Feb-21 13:56
US President Donald Trump's Special Envoy to Ukraine and Russia, Keith Kellogg, has issued a short s...
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MNI: US REDBOOK: JAN STORE SALES +4.2% V YR AGO MO
Jan-22 13:55
- MNI: US REDBOOK: JAN STORE SALES +4.2% V YR AGO MO
- US REDBOOK: STORE SALES +4.5% WK ENDED JAN 18 V YR AGO WK
STIR: SOFR Option Update, Early Call Adds
Jan-22 13:53
- +5,000 SFRN5 94.87/95.25 put spds, 4.5 vs. 95.95/0.10%
- +3,000 SFRM5 95.62/95.75 put spds, 3.75 vs. 95.895/0.10%
- +5,000 0QN5 94.87/95.25 put spds, 4.5 vs. 95.99/0.10%
- +7,000 SFRU5 96.06/96.31 call spds 7.25 ref 95.98
- +4,000 0QM5 96.31/96.56 call spds vs. SFRM5 96.00/96.25 call spds 1.5 net flattener
- +2,500 2QM5 97.00/SFRM5 96.56 call spd, 0.5 flattener
CANADA: CAD Assets Look Through Further Climb In Y/Y Cost Pressures
Jan-22 13:44
- The industrial product and raw materials price report didn’t have a discernible impact on Canadian asset prices although it nevertheless shows a further acceleration in cost pressures in Y/Y terms.
- BoC-dated OIS has ~21bp of cuts priced for next Wednesday’s BoC decision.
- Not linked to the data, USDCAD has since stepped higher to session highs of 1.4370 on the back of a leg higher in the BBDXY index. It remains within particularly wide recent ranges (key support at 1.4261 from Jan 20 low vs resistance at 1.4516 from Jan 21 high).
- Details: IPPI was admittedly softer than expected at 0.2% M/M (cons 0.6) after 0.6% M/M in Nov and 1.2% in Oct, although IPPI ex-petroleum has seen a more consistent recent trend with 0.4% M/M in Dec after 0.5% in Nov and 1.0% in Oct.
- That leaves IPPI ex-petroleum inflation at 5.1% Y/Y (fastest since Nov 2022) whilst raw materials inflation stands at 9.1% Y/Y or 12.1% Y/Y ex-petroleum (fastest since May 2022).
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