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Our Bespoke Morning Lineup is now out. Below is a brief snapshot of macro news events pulled from the intro to the Lineup. To view the full report and get news on individual stocks, click here if you’re already a subscriber, or sign up now for a 5-day free Bespoke Premium trial.
Snapshot: Global equities are declining today as the ECB buys its first round of bonds and Japanese GDP for Q4 was revised lower. The USD is getting a day of respite after its best week since the taper tantrum, down 7 bps while Treasury yields give up some of their move higher Friday, declining by 1-2.5 bps across the curve, with 2s30s about a basis point flatter. US equity index futures are flat; Russell 2000 contracts are down by 5 bps. EM equities are underperforming slightly, 5 bps higher for MSCI EM futures as the dollar declines. WTI is slightly higher on the day (+20 bps) while Brent is off 69 bps. Credit spreads are moving slightly wider, with European cash and CDS heading wider on the session and US CDS opening up slightly wider as well. European sovereigns are lower in yield across the board with the exception of Greece, which is back in the headlines as the EU has found the most recent reforms list submitted last Friday inadequate. 10 year bund yields climbed by 4.5 bps Friday but gave all the back today, declining almost 6 bps to 33.4 bps. The move has widened spreads versus peripheral debt, but the EUR is somewhat bid after dropping 1.69% Friday, +15 bps last. GBP is leading the pack versus the USD, up 42 bps as the market focuses more closely on the May 7th general election in the UK.