Kwarteng Returns To London Early With The BoE Set To Cease Gilt Purchases

Below gives key levels of markets in the second half of the Asia-Pac session:

• Nikkei 225 up 867.28 points at 27104.7
• ASX 200 up 116.19 points at 6758.8
• Shanghai Comp. up 55.121 points at 3071.846
• JGB 10-Yr future up 5 ticks at 148.4, yield up 0.1bp at 0.251%
• Aussie 10-Yr future down 0.5 tick at 95.97, yield down 0bp at 4.003%
• U.S. 10-Yr future +0-02+ at 111-03, yield down 0.53bp at 3.938%
• WTI crude up $0.17 at $89.28, Gold up $0.56 at $1666.93
• USD/JPY up 32 pips at Y147.44
• KWARTENG TO RETURN TO LONDON FROM WASHINGTON EARLY AS MAJOR MINI-BUDGET U-TURN EXPECTED (SKY)
• ECB STAFF SEES LOWER RATE PEAK THAN MARKET (RTRS SOURCES)
• ECB’S HAWKS TARGET EARLY 2023 TO START UNWINDING BALANCE SHEET (BBG SOURCES)
• ECB MAY START BALANCE SHEET RUNDOWN IN SECOND QUARTER, SOURCES SAY (RTRS SOURCES)
• FISCAL EXPANSION RISKS FORCING ECB INTO MORE RATE HIKES, KAZAKS SAYS (RTRS)
• JAPAN KEEPS UP YEN WARNINGS, DECLINES TO SAY IF INTERVENED (BBG)
• CHINESE YUAN WON’T DEPRECIATE IN MID-TO-LONG TERM (SEC. NEWS)