MNI China Daily Summary: Monday, February 10

MNI BRIEF: PBOC'S Zou Promoted To Vice Governor Role

MNI BRIEF: China Steel To See Limited Impact From U.S. Tariffs

MNI: China CFETS Yuan Index Down 0.15% In Week of Feb 7

MNI: PBOC Net Drains CNY234 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1707 Mon; -1.31% Y/Y

MNI: NORWAY JAN CORE CPI +0.1% M/M, +2.8% Y/Y

MNI: NORWAY JAN CPI +0.2% M/M, +2.3% Y/Y

MNI: US DEC CONSUMER CREDIT +$40.8B

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

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

GERMANY: Kukies Considers Potential Non-Implementation Of 2024 Suppl' Budget

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GILTS: Flat Start, Issuance & BoE Speak Due Tuesday, Little Scheduled Today

GILTS
CEEMEABulletUKMarketsFixed Income Bullets

A flat start for gilts, futures last +3 at 93.23 (93.13-32 range).

  • The short-term bullish cycle in the contract extended last week, initial support and resistance located at 92.50 & 94.35, respectively.
  • Yields 0.5-1bp higher across the curve.
  • 2s10s and 5s30s ~2.5bp and ~5bp off respective ‘25 closing highs.
  • Goldman Sachs note that “gilts have continued to rally since the sharp sell-off in early January and are the best performer of the last few weeks. The extent of rally may mean gilts take a breather in the short run; however, we continue to expect a decline in Gilt risk premium over the coming year, and continue to recommend 10s30s flatteners.”
  • Little of note on the UK calendar today, with comments from BoE Governor Bailey & MPC member Mann (after her dovish pivot) eyed on Tuesday.
  • This week’s DMO issuance comes via a syndication of the new 4.50% Mar-35 gilt (we expect this to price tomorrow, pencilling in a size of GBP8.5-10.0bln) and GBP1bln of the 0.625% Mar-45 I/L line (Wednesday).
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A flat start for gilts, futures last +3 at 93.23 (93.13-32 range).

  • The short-term bullish cycle in the contract extended last week, initial support and resistance located at 92.50 & 94.35, respectively.
  • Yields 0.5-1bp higher across the curve.
  • 2s10s and 5s30s ~2.5bp and ~5bp off respective ‘25 closing highs.
  • Goldman Sachs note that “gilts have continued to rally since the sharp sell-off in early January and are the best performer of the last few weeks. The extent of rally may mean gilts take a breather in the short run; however, we continue to expect a decline in Gilt risk premium over the coming year, and continue to recommend 10s30s flatteners.”
  • Little of note on the UK calendar today, with comments from BoE Governor Bailey & MPC member Mann (after her dovish pivot) eyed on Tuesday.
  • This week’s DMO issuance comes via a syndication of the new 4.50% Mar-35 gilt (we expect this to price tomorrow, pencilling in a size of GBP8.5-10.0bln) and GBP1bln of the 0.625% Mar-45 I/L line (Wednesday).