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PORTUGAL AUCTION PREVIEW

Exchange Operation Announced

US TSY OPTIONS

10Y Put Sale

GBP

Some reversal in the Pound

GILT PAOF RESULTS

PAOF of the 0.375% Oct-26 Gilt not taken up

US EURODLR OPTIONS

Overnight Trade Recap

CHINA

Tech Equities Find Resistance At 100DMA

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  • Late yesterday, Banxico's Heath warned that prices are rising at a "phenomenal" pace and the pace of price rises may not peak until the end of 2021 or early 2022. Such a price rise requires an appropriate response by policy makers, according to Heath, who added that there's an inflationary inertia that's "worrying". Heath voted with the majority to raise rates to 4.75% at the most recent meeting.
  • Unrest at the Dos Bocas refinery continues, with the site now being guarded by Mexican troops after the situation turned violent late yesterday. The yet-to-be-completed refinery would be Mexico's largest and is a particular focus for AMLO's energy reform plans. The site would process up to 340,000bpd when up and running.
  • Banxico minutes are the highlight of the session, scheduled at 9am local time (1500BST/1000ET). The minutes will capture the last split rate decision at which the board were split in voting for a rate rise to 4.75%. The Deputy Governor Esquivel voted against the decision.