skip to main content
Close Icon

In order to deliver a personalized, responsive service and to improve the site, we remember and store information about how you use it. This is done using simple text files called cookies which sit on your computer. By continuing to use this site and access its features, you are consenting to our use of cookies. To find out more about the way Informa uses cookies please go to our Cookie Policy page.

Global Search Configuration
  • EU risk assets start on the defensive before eking out mild gains after the UK High Court ruled that a Parliamentary vote is required to invoke Article 50 (Brexit); FTSE100 bucks the trend though as GBP/USD strengthens

  • GBP/USD soars over 1 cent to touch intra-day high of 1.2456 post UK court ruling; H1 2017 still favourite for triggering Article 50 with probability at around 59%, according to Betfair

  • Stoxx600 0.64% ahead as at 11.24 as gains in real estate, financials and energy counteract losses in the materials and consumer staples sub-sectors. That follows some positive financial company earnings from Soc Gen, ING, insurer Swiss Re and Schroders

  • US Presidential election result still remains wide open as another Virginia swing state poll put Trump ahead of Clinton (and for the 1st time); Probability of Clinton win recedes to 69% from mid-70s last week (Betfair)

  • Brent stabilises with prices up 1% at USD47.33 as at 11.25, following a 4-day losing streak

  • Govvies take a pause for breath with 10yr yields broadly up circa 1.5-2.5bps following Wed's FTQ trade; Gilts an exception though down -0.5bps albeit after a brief blip following the surprise UK Services PMI beat (see below); 10yr SPGBs close to flat post successful bond auction (see details of that and French & Irish sales below)

  • Asian stocks closed mostly lower although mainland equities were a bit mixed - Hang Seng closed 0.56% lower, but Shanghai Comp +0.84%, while Nikkei was out for Culture Day Holiday

  • Primary - Corps dominate again (see table below)

  • Performance check on Wednesday's Euro deals (bp change from reoffer) - CORPS: FCGNZ 0.75% 11/24 +1, GFSLN 1.5% 01/23 -9.5, ABESM 1% 02/27 +1, DOV 1.25% 11/26 -1, STLNO 1.625% 11/36 +1, STLNO 0.75% 11/26 +0.5

  • iTraxx indices currently on course to break 5 and 7 day widening streak with Main -2.1 at 73.8 and Crossover -8.4 at 331.3 respectively as at 11.26

  • Afternoon - Watching BoE rate verdict (no change expected) and presser; US ISM Non-Mfg Composite & earnings; S&P500 called 0.2% higher. Facebook trading down 5% pre-market following Q3 results released AMC on Wed

New deals in the pipeline / updates

03-Nov

BASF

EUR

Exp 500m 10yr at m/s +35a +/-2 WPIR; cmbd bks ~2.5bn

03-Nov

BASF

EUR

bmk 4yr at m/s +18a +/-3 WPIR; cmbd bks ~2.5bn

03-Nov

RCI Banque

EUR

bmk 5yr at m/s +60-65 guidance; books 1.7bn+

03-Nov

Cap Gemini

EUR

500m n/g 5yr tbp m/s +52; books 3.3bn+

03-Nov

Virgin Money

GBP

Exp 220m PNC5 AT1 set at 8.75%; bks 550m+; MS/DB/GSI

03-Nov

Sparebank

EUR

Final terms: 500m 02/22 snr tbp @ m/s +45; bks ~900m


Key economic data / events so far

  • SP Oct Unemployment MoM Net Change beat at 44.7k (exp 77.0k, prev 22.8k)

  • IT Sep Unemployment Rate missed at 11.7% (exp 11.4%, prev 11.5%r)

  • UK Oct Markit/CIPs Services PMI unexpectedly beat at 54.5 (exp 52.5, prev 52.6) - highest since Jan 2016

  • EC Sep Unemployment Rate matched forecast at steady 10%

Government auctions

  • SP sold maximum intended EUR3bn 2021, 2026, 2030 bonds and EUR739m 2024 Linkers (target range: EUR0.5-1bn for latter) all at stronger bid-to-covers amid a broad rise in yields

  • FR sold EUR7.9bn 2026 & 2036 OATs at higher yields; b/cs mixed (target range: EUR7-8bn)

  • IR sold EUR750m 2030 bonds at 0.975%; b/c 2.60

On the agenda later

  • 27 S&P500 companies report

  • BoE Policy Rate Verdict � no change expected (12.00)

  • BoE Inflation report (12.00)

  • BoE's Carney - policy presser (12.30)

  • US weekly jobless claims seen softer at 256k from 258k (12.30)

  • US Oct Final Markit Services PMI seen matching flash estimate at 54.8 from 52.3 (13.45)

  • US Oct ISM Non-Mfg Composite seen weaker at 56.0 from 57.1 (14.00)

  • US Sep Factory Orders seen steady at 0.2% (14.00)

  • US Sep Final Durable Goods Orders seen matching flash estimate at -0.1% from +0.3% (14.00)

  • ECB's Weidmann (15.00)

  • BoE's Carney (16.30)

  • BoE's Cunliffe (20.55)

  • ECB's Coeure (21.00)

All times GMT

kajal.mawdia@informagm.com

Any questions? Speak to a specialist

If you have questions about how Informa Financial Intelligence can assist your business, please fill out the form below and we'll get back to you shortly.

If you prefer to get in touch by phone, please refer to the About section of our website for a list of our offices and contact details. 

Would you like to request sample data or analysis from Informa Financial Intelligence? 

See how our tailored solutions can help you gain a competitive advantage: