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BOC Publishes Dates for 2022 Rate Meetings

OPTIONS

Expiries for Jul30 NY cut 1000ET (Source DTCC)

BOND SUMMARY

EGB/Gilt - Finding some demand at the lows

US EURODLR OPTIONS

2Y Midcurve Put Spd

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JUN BUS CLIM INDICATOR 113; MAY 108

JUN MFG SENTIMENT 107; MAY 107

JUN SERVICES SENTIMENT 113; MAY 107

  • The French business climate indicator jumped to the highest level since Aug 2007, rising 5pt to 113 and surpassing market expectations (BBG: 110)
  • Jun's uptick was driven by a marked improvement in the service sector and the index is now stands significantly above the long-term average and the pre-crisis level.
  • Business climate in the service and retail trade sector surged 6pt and 8pt to 113 and 115, respectively.
  • Service sector sentiment rose to the highest level since Jul 2007, while retail trade confidence increased to a 40-month high.
  • Manufacturing business climate remained at May's level of 107 in Jun, following several months of growh.
  • Insee noted that firm's assessment of the outlook in all the sectors is increasing.
  • Employment climate rose significantly as well, up 5pt to 104 and recording the highest level since the start of the pandemic. The increase was led by the service sector according to Insee.

Source: Insee