US CREDIT OPEN-Equity futures flat with slew of data in focus

By John Balassi

NEW YORK, Aug 12 (IFR) - Summary of overnight events and Friday's main headlines:

Dow Futures: +5, S&P Futures: +0.50, Nasdaq Futures: +1.25

CDX IG.26: +0.25 wider, CDX HY.26: -0.06275 point lower

10-yr UST yield: 1.544% -2.7bp, 30-yr UST yield: 2.261% -2.8bp

EUR/USD: 1.1149 +0.13%

USD/JPY: 102.01 +0.06%

WTI Oil: $43.34 -0.34%

HEADLINES

Global stocks rolling after Wall St triple high

World stocks were headed for their fourth week of gains in five on Friday after a surge in oil prices helped propel Wall Street's three main indexes to co-ordinated record highs for the first time since 1999.

Oil flatlines on talk to prop up price

Oil prices were largely unchanged on Friday, remaining near the previous day's highs, on the prospect of talks by exporters about ways to prop up a market grappling with a supply overhang.

Dollar firm after Fed president's comments

The dollar held firm on Friday, supported by comments from a senior Federal Reserve official suggesting a U.S (Other OTC: UBGXF - news) . interest rate increase this year is still a real possibility as inflation pressures emerge.

Fed should raise rates this year: banker

The Federal Reserve should raise interest rates further this year, a top US central banker said in an interview published on Thursday, reflecting improved labor market conditions and the likelihood that inflation is heading higher.

OVERNIGHT TREASURIES

* Bonds bounce back a little as dip buyers from overseas help overnight

* Moderately light volume, not bad for Friday in august, 156k 10-year futures trade by 06:07 EST

* Sep 10s mark 132-10/132-01 range overnight, last at 132-07

* 10-year cash trades in 1.552% to 1.536% range

* USTs outperforming Germany by 0.9bp in the 10-year maturity compared to the previous London close

GLOBAL MACRO

* Market consolidates after overnight gains as miners fret about China growth (Stuttgart: 3632247.SG - news)

* S&P says Italy's credit rating could handle bank bailout

* Brent Crude back above $46 as Saudi Arabia appears to soften on production levels

* Shanghai Composite gains 1.61% as weak data renews thoughts of increased stimulus

* German Q2 GDP Flash 0.4% (exp 0.2%, prev 0.7%) and 3.1% y/y (exp 1.5%, prev 1.5%)

* German July CPI Final 0.3% m/m (exp 0.3%, prev 0.3%) and 0.4% y/y (exp 0.4%, prev 0.4%)

* German July HICP Final 0.4% m/m (exp 0.4%, prev 0.4%) and 0.4% y/y (exp 0.4%, prev 0.4%)

* German July Wholesale Price Index 0.2% m/m (prev 0.6%) and -1.4% y/y (prev -1.5%)

* France Q2 Non-Farm Payrolls 0.20% (prev 0.30%)

* Spain July CPI -0.7% m/m (exp -0.7%, prev 0.5%) and -0.6% y/y (exp -0.6%, prev -0.8%)

* Spain July HICP -1.3% m/m (exp -1.3%, prev 0.4%) and -0.7% y/y (exp -0.6%, prev -0.6%)

* Italy Q2 GDP Preliminary 0% q/q (exp 0.2%, prev 0.3%) and 0.7% y/y (exp 0.8%, prev 1.0%)

* UK June Construction Output -0.9% m/m (exp -1.0%, prev -2.0%) and -2.2% y/y (exp -2.7%, prev -1.6%)

* EZ Q2 GDP Flash Estimate 0.3% q/q (exp 0.3%, prev 0.6%) and 1.6% y/y (exp 1.6%, prev 1.7%)

* EZ June Industrial Production 0.6% m/m (exp 0.5%, prev -1.2%) and 0.4% y/y (exp 0.7%, prev 0.3%)

DATA

* 08:30 Retail Sales (Jul) (mkt +0.4% m/m, prev +0.6% m/m)

* 08:30 Retail Sales ex-Autos (Jul) (mkt +0.2% m/m, prev +0.7% m/m)

* 08:30 Retail Sales Control (Jul) (mkt +0.3% m/m, prev +0.5% m/m)

* 08:30 PPI Final Demand (Jul) (mkt +0.1% m/m, +0.3% y/y; prev +0.5% m/m, +0.3% y/y)

* 08:30 PPI Final Demand ex-Food and Energy (Jul) (mkt +0.2% m/m, +1.2% y/y; prev +0.4% m/m, +1.3% y/y)

* 10:00 U of Mich Consumer Sentiment Index (Jul) (mkt 91.5, prev 90.0)

* 10:00 U of Mich Current Conditions (Jul) (mkt 109.0, prev 109.0)

* 10:00 U of Mich Expectations (Jul) (mkt 78.1, prev 77.8)

* 10:00 Business Inventories (Jun) (mkt +0.1% m/m, prev +0.2% m/m)

EVENTS

* 11:15 New York Fed GDP Nowcast (Q3) (prev +2.6% q/q AR)

USD HIGH-GRADE SUMMARY

Number of deals priced on Thursday: 5

Thursday's issuance: US$10.175bn

Weekly issuance: US$38.625bn

*Monthly issuance: US$87.075bn

Quarterly issuance: US$181.675bn

2016 year to date issuance: US$895.042bn

2015 year to date issuance: US$883.227bn

2015 full year issuance: US$1.269trn

*New August monthly record

LIPPER FLOWS

For the week ended August 10 Lipper US Fund Flows reported the following:

- INVESTMENT-GRADE FUNDS NET INFLOW: US$2.518bn

- IG YTD NET INFLOW: US$25.790bn

USD HIGH-GRADE ACTIVE DEALS

None

USD HIGH-GRADE PIPELINE

WOORI BANK, A2/A-, hired Bank of America (Swiss: BAC.SW - news) /Merrill Lynch, Citigroup (NYSE: C - news) , Commerzbank (Xetra: CBK100 - news) , Credit Agricole CIB, HSBC and Nomura to arrange fixed-income investor meetings that took place in the US, Europe and Asia from July 11 to July 20. (Reporting by John Balassi; Editing by Marc Carnegie)