MNI BRIEF: Policy Move Eyed If Inflation Meets 2% - BOJ's Ueda

MNI: PBOC Conducts CNY2 Bln Via OMO Tues; Liquidity Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1059 Tues; -5.03% Y/Y

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1059 TUES VS 7.1043

MNI BRIEF: Brazil CenBank Faces Greater Uncertainty - Campos

EZ/UK T-Bill Calendar: 3/6-Month ATB Auction on Tuesday

EZ/UK Bond Supply Calendar: EU, FI Synds; IT, DE Auctions Tues

MNI: CANADA MAR INDUSTRIAL PRICES +0.8% MOM; EX-ENERGY +0.8%

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Day ahead

BONDS
  • PMIs will be the highlight for the day ahead with Bloomberg surveys for French, German, Eurozone and UK all showing expectations are for lower prints for manufacturing, services and composite for each country.
  • PMIs are, of course, a diffussion index and simply focus on whether things are getting better or worse.
  • Outside the end of the "petrol crisis" in the UK, there has not really been a lot of positive news coverage in terms of supply chains while gas prices have stabilised a little but oil and to a lesser extent electricity prices have continued to rise. Covid-19 cases have also started to pick up a bit in the UK and Germany but seem unlikely to bring too many concerns among business yet.
  • In terms of market moves today, it might be the underlying price concerns in the indices that have more impact than the headline numbers. It appears as though inflation concerns are a bigger driver for markets than growth concerns at present.
  • Outside of this gilts will continue to digest Huw Pill's comments in which he sounds close to hiking but notes that markets may be too excited about rate hikes.
  • TY1 futures are down -0-1+ today at 130-04+ with 10y UST yields down -3.1bp at 1.672% and 2y yields down -0.6bp at 0.450%.
  • Bund futures are down -0.06 today at 168.19 with 10y Bund yields up 1.3bp at -0.90% and Schatz yields up 0.7bp at -0.665%.
  • Gilt futures are up 0.08 today at 123.62 with 10y yields down -0.2bp at 1.198% and 2y yields up 0.2bp at 0.704%.
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