MNI BRIEF: BOI Sees "Modest" Q2 EZ Growth Driven By Services

MNI China Daily Summary: Friday, July 12

MNI BRIEF: China June M2 SlowsTo Record Low For Third Month

MNI BRIEF: China Steel Export Growth Slows In June

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

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: BAKER HUGHES US RIG COUNT 584; OIL RIGS 478; GAS RIGS 100

MNI: USDA: 2024/2025 CORN PRODUCTION EST 15.10B BSL

EZ/UK T-Bill Calendar: Germany, Netherlands, France Due Monday

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

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

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Gilts hold up pretty well given delay to fiscal statement

GILTS
  • Gilts are underperforming both USTs and Bunds this morning with concerns that the fiscal statement would be delayed from 31 October (based initially on a Times report that it would be considered today and then a later BBC piece that said it was a done deal ahead of an official confirmation). The fiscal statement has now been upgraded to a formal "Autumn Statement" and the OBR forecasts will be released alongside it.
  • On the BBC story, gilt futures hit their lows of the day of 100.49 (around 90 ticks off yesterday's close) although given the recent volatility the moves were relatively small.
  • Gilts have since recovered around half of these losses to trade around 40 ticks lower on the day with 10-year yields up around 3.5bp.
  • The long-end has seen a bigger move today with the 10s30s curve around 6.6bp steeper on the day at 8.7bp. Since Truss' resignation as PM the curve has traded in a broad -7bp to +10bp range.
  • Given the Autumn Statement is due to be held in a week with 3 gilt auctions and next week there is no issuance (due to the DMO moving the syndication to accommodate the fiscal plan announcement), there is a chance we see a bit of a change to the DMO calendar.
  • 2y yields up 0.3bp today at 3.306%, 5y yields up 0.3bp at 3.729%, 10y yields up 3.6bp at 3.664% and 30y yields up 9.7bp at 3.762%.
  • 2s10s up 3.3bp today at 35.8bp and 10s30s up 6.1bp at -0.8.bp.
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.