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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessBOE Financial Stability Report due at 10:30BST
- Bank of England Financial Stability Report due out this morning (1030 London time). Language likely little changed from Dec-23, aside from proximity of next rate cut. CCyB news will be a point of interest. UK bank spreads have performed well YTD and financial results have generally appeared robust with few asset quality pitfalls incurred.
- FSRs are semi-annual – the last (6-Dec-23) saw “challenging” conditions with “increased geopolitical tensions” and growth, inflation and rate uncertainties. It did specifically allude to rates remaining “higher for longer” but noted the health of the banking system and, again, flagged risks in non-bank finance. We could almost copy-and-paste that language into current expectations but at least we are now somewhat closer to UK rate cuts (13bp priced into Aug-24 cut currently).
- Specifically for banks, the countercyclical capital buffer (CCyB) was maintained at its neutral (2%) setting. The recent news on this has been more mixed with Spain looked to increase the buffer (against bank lobbying), whereas Czechia has just (6-Jun) decided to lower its buffer. So, this will be a key area of interest.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.