MNI China Daily Summary: Thursday, March 13

MNI BRIEF: China Has Been In Communication With U.S. On Trade

MNI BRIEF: China To Enhance Customs Clearance

MNI INTERVIEW2: Policy Lag Justifies Faster CNB Easing - Holub

MNI BRIEF: China Consumer Satisfaction Up

MNI: PBOC Net Drains CNY68.6 Bln via OMO Thursday

EZ/UK Bond Supply Calendar: SlovGB Auction Monday

US EIA:NAT GAS STORAGE -62 BCF TO 1,698 BCF MAR 07 WK

MNI: US FEB FINAL DEMAND PPI +0.0%, EX FOOD, ENERGY -0.1%

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

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STIR: BoE Pricing Not Straying From Well-Established Range

STIR
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GBP STIRs little changed early today as Bunds unwind their Asia-Pac rally.

  • BoE-dated OIS within 1bp of yesterday’s close, showing ~53bp of cuts through year-end, with 19bp of cuts showing through May and 24.5bp priced through June (we still look for a cut in May at this stage).
  • SONIA futures +1.0 to -0.5.
  • Little for the short end to go off outside of cross-market moves, with UK fiscal headlines continuing to focus on the need for further tightening given the erosion of already limited fiscal headroom since the Budget.
  • Tomorrow’s monthly economic activity data provides the next domestic input of note.
  • The BoE remains in its pre-meeting quiet period.

BoE Meeting

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GBP STIRs little changed early today as Bunds unwind their Asia-Pac rally.

  • BoE-dated OIS within 1bp of yesterday’s close, showing ~53bp of cuts through year-end, with 19bp of cuts showing through May and 24.5bp priced through June (we still look for a cut in May at this stage).
  • SONIA futures +1.0 to -0.5.
  • Little for the short end to go off outside of cross-market moves, with UK fiscal headlines continuing to focus on the need for further tightening given the erosion of already limited fiscal headroom since the Budget.
  • Tomorrow’s monthly economic activity data provides the next domestic input of note.
  • The BoE remains in its pre-meeting quiet period.

BoE Meeting

Keep reading...Show less