US CREDIT OPEN-Markets sitting, waiting ahead of Yellen speech

By John Balassi

NEW YORK, Aug 24 (IFR) - Summary of overnight events and Wednesday's main headlines:

Dow Futures: +3, S&P Futures: +0.75, Nasdaq Futures: +2.75

CDX IG.26: -0.0625 tighter, CDX HY.26: +0.0625 point higher

10-yr UST yield: 1.554% +0.1bp, 30-yr UST yield: 2.232% -0.04bp

EUR/USD: 1.1258 -0.42%

USD/JPY: 100.22 -0.01%

WTI Oil: $47.21 -1.85%

HEADLINES

Global stocks ease, dollar holds ground

Stocks slipped on Wednesday while the dollar continued to claw back last week's losses as investors grappled with the prospect of a U.S (Other OTC: UBGXF - news) . interest rate increase in the months ahead coming amid continued uncertainty about the strength of the global economy.

Oil falls on surprise rise in supplies

Oil prices fell on Wednesday on an unexpected increase in U.S. crude stocks that revived worries about the supply glut that has capped prices for the past two years.

Dollar treads water as traders wait on Fed

The dollar crept up on Wednesday after falling the previous day but was unable to break out of recent trading ranges, as investors eyed a meeting of central bankers on Friday for clues on when the U.S. Federal Reserve will hike interest rates again.

China moves to tame peer-to-peer lending

China's banking regulator unveiled aggressive measures to restrain the country's fast expanding peer-to-peer (P2P) lending sector on Wednesday, warning that almost half of the 4,000-odd online lending platforms are "problematic".

OVERNIGHT TREASURIES

* Futures trade 132-04+ to 132-10+ range, last at 132-07, unchanged

* Low volumes at 143k as at 06:15 EST

* 2s/30s 3.5bp flatter at 147bp

* 10-yr US/Germany 0.25bp tighter at 164bp

* 10-year cash trades in 1.561% to 1.544% range

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

GLOBAL MACRO

* Market opens risk-on after above forecast corporate results

* ECB Coeure says inadequate euro zone reforms could force ECB to act

* ECB faces bulked-up govt bond buying if QE extended beyond March

* Brent Crude holds just above $49 as data shows higher inventory again

* Shanghai Composite loses 0.13% as stimulus hopes fade

* Germany Q2 GDP Detailed 0.4% q/q (exp 0.4%, prev 0.4%) and 3.1% y/y (exp 3.1%, prev 3.1%)

* UK July BBA Mortgage Approvals 37.662k (prev 39.763k)

DATA

* 07:00 MBA Weekly Mortgage Application Indices

* 09:00 FHFA House Price Index (Jun) (prev +5.6% y/y)

* 10:00 Existing Home Sales (Jul) (mkt 5.56 mn SAAR, prev 5.57 mn SAAR)

* 10:00 Atlanta Fed Business Inflation Expectations (Aug) (prev +1.7% y/y)

* 10:30 EIA Weekly Petroleum Status Report

EVENTS

* 11:30 Treasury auctions $13 bn reopened 2-year floating rate notes

* 13:00 Treasury auctions $34 bn 5-year notes

USD HIGH-GRADE SUMMARY

Number of deals priced on Tuesday: 2

Tuesday's issuance: US$950m

Weekly issuance: US$2.150bn

Monthly issuance: US$99bn

Quarterly issuance: US$193.600bn

2016 year to date issuance: US$906.967bn

2015 year to date issuance: US$900.202bn

2015 full year issuance: US$1.269trn

LIPPER FLOWS

For the week ended August 17 Lipper US Fund Flows reported the following:

- INVESTMENT-GRADE FUNDS NET INFLOW: US$2.161bn

- IG YTD NET INFLOW: US$27.951bn

USD HIGH-GRADE ACTIVE DEALS

none

USD HIGH-GRADE PIPELINE

Industrial Bank of Korea, Aa2/AA (Frankfurt: A116XA - news) -, hired HSBC and Nomura to arrange fixed income investor meetings that took place in Hong Kong and Singapore on Monday in preparation for a 144a/Reg S dollar-denominated offering.

Woori Bank (KSE: 000030.KS - news) , 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)