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TradeTheNews.com EU Mid-Market Update: Sweden Central Bank cuts interest rates further into negative territory; expands its QE program   
Thu, 02 Jul 05:16 AM EST/10:16 AM GMT
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Notes/Observations
- Sweden Central Bank cuts interest rates further into negative territory; expands its QE program

- UK Jun Construction PMI hits a 4-month high (58.1 v 56.5e)
- Focus turns to US Jun payroll data and its impact on the Fed path to rate liftoff

Economic data
- (UK) Jun Nationwide House Prices (miss) M/M: -0.2% v +0.5%e; Y/Y: 3.3% v 4.5%e

- (ES) Spain Jun Net Unemployment (miss) M/M: -94.7K v -125.0Ke
- (SE) Sweden Central Bank (Riksbank) cut its Repo Rate by 10bps to -0.35% and expands QE bond purchases (not expected)
- (BR) Brazil Jun FIPE CPI (Sao Paulo): 0.5% v 0.5%e
- (UK) Jun Construction PMI (miss): 56.5e v 55.9 prior
- (EU) Euro Zone May PPI M/M: 0.0% v 0.1%e; Y/Y: -2.0% v -2.0%e

Fixed Income Issuance:
- (ES) Spain Debt Agency (Tesoro) sold total €3.6B vs. €2.5-3.5B indicated range in 2018, 2020 and 2025 bonds

- Sold €940M in 3.75% Oct 2018 bono; Avg yield 0.691% v 2.697% prior; Bid-to-cover: 2.97x v 2.72x prior; Maximum Yield 0.706% v 2.722% prior
- Sold €601M in 1.15% 2020 bono, avg yield 1.291% v 1.243% prior, bid to cover 4.62x v 1.47x, ...
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