MNI: UK NOV FINAL MANUF PMI 48.0 (FLASH 48.6); OCT 49.9

MNI: EUROZONE NOV FINAL MANUF PMI 45.2 (FLASH 45.2); OCT 46.0

MNI: GERMANY NOV FINAL MANUF PMI 43.0 (FLASH 43.2); OCT 43.0

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MNI: PBOC Sets Yuan Parity Lower At 7.1865 Mon; -1.50% Y/Y

MNI: China CFETS Yuan Index Up 0.01% In Week of Nov 29

MNI: FRANCE NOV FINAL MANUF PMI 43.1 (FLASH 43.2); OCT 44.5

MNI: ITALY NOV MANUF PMI 44.5 (FCST 46.0); OCT 46.9

MNI: SPAIN NOV MANUF PMI 53.1 (FCST 54.0); OCT 54.5

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

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Focus On Tomorrow's Budget

GILT SUMMARY

Gilts traded sideways for most of the day, having initially opened stronger, and have rallied sharply since the early afternoon following the BoE's buyback operation.

  • Gilt cash yields are 2-7bp lower on the day with the curve 4-5bp lower. Last yields: 2-year 0.0672%, 5-year 0.3247%, 10-year 0.7140%, 30-year 1.2706%.
  • The Jun-21 gilt future trades at 128.1, 17 ticks off the day's high.
  • The DMO earlier sold GBP3.00bn of the 0.375% Oct-26 Gilt and GBP1.25bn of the 0.50% Oct-61 Gilt. GBP147.351mn of the former and GBP312.499mn of the latter were taken up through the PAOF.
  • The BoE purchased GBP1.48bn of long-dated gilts with offer-to-cover of 1.95x.
  • The focus tomorrow will be on the UK budget, particularly given the slew of communication from Chancellor of the Exchequer Rishi Sunak on the need to restore the healthy of the public finances after the pandemic. MNI earlier published a UK budget preview, which is available online and by email.
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