CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

CANADA JOBLESS RATE +6.8% VS FORECAST +6.6%, PRIOR +6.5%

MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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

EGB/Gilt: UK PM Resigns, Political Instability Will Linger

BOND SUMMARY

European government bonds have sold off sharply alongside broad gains for equities and G10 FX vs the dollar.

  • Following a slew of ministerial resignations yesterday and with some of the prime minister's closes allies urging him to stand down, Boris Johnson has today indicated that he will resign. Cable traded up on the announcement, although gains have been modest.
  • While the PMs resignation has eliminated the uncertainty around his premiership, this marks the beginning of a period of prolonged political instability as Conservative party members jostle for the leadership.
  • Gilts have traded lower and the curve has bear flattened. Cash yields are up 3-8bp on the day, while the 2s30s spread has narrowed 5bp.
  • Bunds have underperformed gilts with yields up 5-11bp and with the short end of the curve leading the way.
  • OAT yields have pushed up 4-11bp.
  • BTPs have underperformed core EGBs with yields up 11-15bp.
  • Supply this morning came from France (OATs/Green OAT, EUR11.998bn) and Spain (Obli/Obli-Ei, EUR5.201bn).
Homepagemarkets-real-timeBulletMarketsFixed Income 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.