MNI BRIEF: ECB's De Guindos Calls For EU Retail Saving Product

MNI BRIEF: BOJ's Ueda Says Markets Unstable, Vigilance Needed

US SEP MANUFACUTURING PMI 47.3 (FLASH 47.0, AUG 47.9)

MNI BRIEF: NBP Keeps Key Interest rates unchanged

MNI BRIEF: Turkish Inflation Expectations Ease As CBRT Holds

FED'S POWELL: COMMITTEE NOT IN A HURRY TO CUT RATES QUICKLY

US MBA: REFIS -3% SA; PURCH INDEX +1% SA THRU SEP 27 WK

MNI: US MBA: MARKET COMPOSITE -1.3% SA THRU SEP 27 WK

MNI: EUROZONE AUG UNEMPLOYMENT RATE 6.4%

CANADA: Politics Week: Parliament Opens With Early Election Threats

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

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

GILTS: Soft Demand At Auction Adds To Early Weakness

GILTS
CEEMEABulletUKGlobalFixed Income BulletsRegionMarkets

Soft demand at the latest 5-Year gilt auction allows early weakness to extend a little further.

  • Gilt widener interest vs. Bunds and set up ahead of the supply added to a sell off in core global FI markets early today, with the latter seemingly driven by an unwind of geopolitical risk premium.
  • Futures trade as low as 98.36, initial support at Monday’s low (98.30) still untested. A break there would deepen the bearish threat and expose key support at the September 2 low (98.11).
  • Yields 6-7bp higher, 10s lead the move.
  • BoE-dated OIS 0.5-6.5bp more hawkish through mid-’25 contracts. 23bp of cuts priced through November, 36bp priced through December and 114bp of cuts showing through June ’25.
  • SONIA futures flat to -7.5, 
117 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.

Soft demand at the latest 5-Year gilt auction allows early weakness to extend a little further.

  • Gilt widener interest vs. Bunds and set up ahead of the supply added to a sell off in core global FI markets early today, with the latter seemingly driven by an unwind of geopolitical risk premium.
  • Futures trade as low as 98.36, initial support at Monday’s low (98.30) still untested. A break there would deepen the bearish threat and expose key support at the September 2 low (98.11).
  • Yields 6-7bp higher, 10s lead the move.
  • BoE-dated OIS 0.5-6.5bp more hawkish through mid-’25 contracts. 23bp of cuts priced through November, 36bp priced through December and 114bp of cuts showing through June ’25.
  • SONIA futures flat to -7.5,