MNI BRIEF: US Labor Costs Increase 0.9%, Below Expectations

MNI BRIEF: ADP's Richardson Sees Normalizing US Labor Market

CANADA FLASH Q2 GDP ANNUALIZED +2.2%

MNI China Daily Summary: Wednesday, July 31

MNI: PBOC Net Injects CNY185.57 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1346 Weds; -1.39% Y/Y

EZ/UK Bond Supply Calendar: Spain, France Auction on Thursday

US EIA: CRUDE OIL STOCKS EX SPR -3.44M TO 433.0M JUL 26 WK

MNI: US NAR JUN PENDING HOME SALES INDEX 74.3 V 70.9 IN MAY

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

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

EGB/Gilt- A busy session

BONDS
  • EGBs and Bund are still deep in the red, with the contracts taking their cue from the open, following the Hawk Fed yesterday.
  • The Bank of England delivered its expected 75bps hike to 3%.
  • During the presser, Bailey said that his best guess is that the terminal rate is closer to a constant rate of 3.00% rather than the curve that peaks at 5.2%.
  • "Our best view of what the rate should be, given the circumstances and the evidence we have to date is nearer to the constant rate curve than the market curve is to the constant rate curve currently."
  • EGBs, Bund, and Gilt are now off their lows, and mostly on short cover, and squaring as European desks heads towards the later part of the session, with US NFP in mind for tomorrow.
  • Peripheral spreads are all tighter, with Greece, Portugal, Italy leading, all by around 2/2.2bps.
  • Gilt/Bund spread continues to tighten, and now approaching the 120.00bps figure.
  • A clear break through the latter, opens to 113.88bps, the 76.4% retrace of the May/Sep rally.
  • Looking ahead, BoE Mann speaks later, but attention turns to the US NFP and earnings tomorrow.
HomepageBulletMarketsFixed Income BulletsForeign Exchange Bullets

To read the full story

Close

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.