Morning Commentary: Emerging markets quiet ahead of weekend; inflation data eyed; Qatar stronger

By Rebecca Melvin

New York, July 14 – Emerging markets were quieter early Friday with a lull in new deal news and as market players eyed volatility in U.S. Treasuries after weak inflation and other data, a market source said.

Inflation in the United States in June was flat, according to the latest reading of the consumer price index.

Treasury yields fell after the data, with the 10-year Treasury note down to 2.298% from 2.330% earlier Friday.

Among the week’s notable moves, Qatar’s credit snapped back quite a lot after a trip to Qatar by U.S. secretary of state Rex Tillerson during which he signed a memorandum, a London-based analyst said.

Spreads on Qatar sovereign and Qatari bank notes tightened by about roughly 50 basis points, the analyst said.

On Friday, Qatar’s 3¼% notes due 2026 were at 98 bid, 98.75 offered, compared to 96.50 bid, 97.25 offered in the middle of last week.

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