MNI: Fed: Policy Well Positioned To Respond To Risks

CANADA JUNE JOBS -1.4K VS FORECAST +20K, PRIOR +26.7K

MNI China Daily Summary: Friday, July 5

MNI BRIEF: PBOC Plans To Borrow Hundred Bln Yuan CGB - Press

MNI: PBOC Net Drains CNY48 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1289 Fri; -0.35% Y/Y

MNI: BAKER HUGHES US RIG COUNT 585; OIL RIGS 479; GAS RIGS 101

EZ/UK T-Bill Calendar: Germany, France to Issue Bills Monday

EZ/UK Bond Supply Calendar: EU/UK Syndications Due Next Week

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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Fresh Covid Jitters

GILT SUMMARY

Gilts have given back some of the earlier gains, but remain bid on the day.

  • The government's decision to force much of SE England including London into a new Tier 4 regime to battle surging coronavirus infections has triggered the risk-off shift. Concerns over a new strain of Covid has prompted much of Western Europe to suspend travel to the UK, further elevating economic stresses ahead of Brexit.
  • Gilt yields are now 4-6bp lower on the day with the 2s30s spread 2bp narrower. Last yields: 2-year -0.1212%, 5-year -0.0883%, 10-year 0.1999%, 30-year 0.7507%.
  • The Mar 21 gilt future trades at 135.39, towards the bottom end of the day's range (L: 135.32 / H: 135.86).
  • The short sterling futures strip has flattened. Whites are up 1.5-3.5 / blues up 5.0-5.5 ticks.
  • Tomorrow sees the release of public finance data for November alongside final estimate of Q3 GDP.
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