TRUDEAU SAYS `WE HAVE A LOT OF WORK TO DO'

MNI BRIEF: Canada NDP Will Bring Nonconfidence Motion In Jan.

CANADA NDP SAYS WILL INTRODUCE NONCONFIDENCE MOTION

MNI China Daily Summary: Friday, December 20

MNI: PBOC Net Drains CNY103.5 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1901 Fri; -2.13% Y/Y

EZ/UK T-Bill Calendar: Greece to Sell Bills Monday

EZ/UK Bond Supply Calendar: BOE APF Sales Due 6 January

MNI: BELGIUM DEC BNB BUSINESS CONFIDENCE -13.8

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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

GILTS: Lower As Oil Recovers

GILTS
CEEMEABulletUKMarketsFixed Income Bullets

A recovery from lows in crude oil and swings in EGBs have factored into early London trade, leaving gilt futures -19 at 95.23 vs. recent session lows of 95.20.

  • Short-term bullish cycle remains in play in the contract, although the structural technical trend remains bearish.
  • Initial support at the November 25 low (94.66) some distance away.
  • Yields 3-4bp higher, 10s now lead the sell off after initially hitting the lowest level of the month (4.28%), last 4.33%.
  • SONIA futures flat to -1.5, unwinding the post-settlement/opening rally.
  • BoE-dated OIS still fully discounts the next 25bp cut come the end of the March MPC and 73bp of cuts through ’25.
  • Little of note on the UK calendar today, which will leave most of the focus on spillover from European data (CPI readings), ECB speak and French fiscal/political matters.
  • A reminder that the U.S. observes the Thanksgiving holiday today, thinning out broader market liquidity.

BoE Meeting

Keep reading...Show less
154 words

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.

A recovery from lows in crude oil and swings in EGBs have factored into early London trade, leaving gilt futures -19 at 95.23 vs. recent session lows of 95.20.

  • Short-term bullish cycle remains in play in the contract, although the structural technical trend remains bearish.
  • Initial support at the November 25 low (94.66) some distance away.
  • Yields 3-4bp higher, 10s now lead the sell off after initially hitting the lowest level of the month (4.28%), last 4.33%.
  • SONIA futures flat to -1.5, unwinding the post-settlement/opening rally.
  • BoE-dated OIS still fully discounts the next 25bp cut come the end of the March MPC and 73bp of cuts through ’25.
  • Little of note on the UK calendar today, which will leave most of the focus on spillover from European data (CPI readings), ECB speak and French fiscal/political matters.
  • A reminder that the U.S. observes the Thanksgiving holiday today, thinning out broader market liquidity.

BoE Meeting

Keep reading...Show less