MNI US CPI Preview: Watching Initial Tariff Passthrough

The March CPI report is watched for signs of impact from initial US tariffs before the much larger "reciprocal" approach

MNI Gilt Week Ahead

We look at the events of the upcoming week, the OBR analysis on UK tariff impacts and upcoming gilt auctions.

MNI Europe Pi: German Short-End Going Long

Download Full Document Here: https://media.marketnews.com/MNI_PI_07042025_340f287f51.pdf * There has been a sharp shift toward long structural positioning territory for nearer-dated German bond futures contracts in the last two weeks, per MNI Pi. * That contrasts with the longer-end contracts, as well as some non-German contracts (especially Gilts). * Last week saw trade consistent with long-setting and short covering across the European FI space. * GERMANY: German contracts, which were all all "short"" or "very short" in our last biweekly update, have seen a notable shift in Schatz and Bobl, to long and flat respectively, following long-setting trade last week. Bund and Buxl remain in short territory but off recent extremes (Bund had been "very short" two weeks ago), having seen short covering last week. * OAT: OAT remains in short structural positioning, having entered that territory after being "flat" for most of February. Last week's trade was indicative of long setting. * GILT: Gilt structural positioning remains flat, where it has been the last 7 months, but is now as close to "short" as it's been since early January. Last week some some shorts set. * BTP: BTP has now been flat since late January, though has ticked a little bit closer to "long" territory in the last week or so following some long-setting.

MNI US Employment Insight: Solid But ‘Stale’

A decent payrolls report, aided by more favorable weather, but one before potentially major tariff impacts show up