MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1048 Weds; -4.92% Y/Y

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1048 WEDS VS 7.1059

MNI BRIEF: Hungary Central Bank Cuts To 7.75% As Expected

MNI China Daily Summary: Tuesday, April 23

MNI: AUSTRALIA MONTHLY MAR CPI 0.4% MM, 3.8% YY

MNI:AUSTRALIA Q1 CPI +0.9% Q/Q

MNI: UK JAN-MAR MEDIAN PAY AWARDS +4.8% :XpertHR/Brightmine

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

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

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Gilt and UK Rate futures plummet

BONDS
  • Massive moves in UK Govies and Rate markets, with futures plummeting, after the Chancellor delivered his mini budget.
  • Income tax for earnings is cut for over GBP150k from 45% to 40%, and the income tax cut for basic rate (roughly GBP12.5k-50k) by 1ppt from 20% to 19% a year early from April 2023.
  • UK remit Gilt sale rise to £193.9bn vs 192bn estimated.
  • The bigger fiscal package and Gilt remit triggered free falls in Rate and Govie futures.
  • Gilt fell from 102.31, all the way down to print a 99.99 low, now at 100.43 at the time of typing.
  • Gilt/Bund spread broke the 2015 high and trades at its widest level since 1997.
  • Europe is fairing better, with all the action in the UK, and Bund trades within ranges, close to flat at the time of typing.
  • US Treasuries are also trading inline with Europe, translating in a close to flat spread between Tnote and Bund (1bp tighter).
  • Looking ahead, US PMIs will be the notable data.
  • ECB Nagel, SNB Jordan, and Fed Powell are the scheduled speakers.
HomepageBulletMarketsFixed Income BulletsForeign Exchange Bullets

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.