MNI BRIEF: PBOC Added Outright Repo For Ample Lqdty In Nov

MNI China Daily Summary: Friday, November 29

MNI: GERMANY NOV UE RATE (SA) 6.1% (FCST 6.1%); OCT 6.1%

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MNI: PBOC Net Drains CNY156.1 Bln via OMO Friday

MNI: ITALY NOV FLASH HICP +0% M/M, +1.6% Y/Y

MNI: EUROZONE NOV FLASH HICP +2.3% Y/Y

MNI: UK OCT M4 MONEY SUPPLY -0.1% M/M, +3% Y/Y

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EU Legal Action Further Undermines Future Deal On Financial Services

GILT SUMMARY

The gilt sell-off peaked at midday and then recovered back towards Friday's close.

  • Cash yields are now close to unch on the day. Last yields: 2-year 0.0928%, 5-year 0.3768%, 10-year 0.8146%, 30-year 1.3502%.
  • The Jun 21 gilt future trades at 127.80, 13 ticks above the Friday close.
  • The EU has launched legal action against the UK after Westminster unilaterally decided to extend the grace period for checks on goods passing through Northern Ireland. The move has been widely suspected in recent weeks and comes amid conflict over the distribution of Covid vaccines and the regulation equivalency for the financial services sector.
  • The BoE earlier purchased GBP1.48bn of short-dated gilts with offer-to-cover of 2.87x.
  • Focus this week will be on the Bank of England, which comes in a week of heavy central bank activity that includes Federal Reserve and Bank of Japan monetary policy meetings.
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