July 08, 2024 09:11 GMT
Off Lows, Bulls Eye Recent Highs In Futures, Reeves & Haskel Due
GILTS
Gilts have recovered from early lows, futures last -9 at 97.92.
- Friday’s high protects the June 28 high (98.24). A clear break higher would put bulls in control after an early July pullback.
- Yields are unchanged to 1.5bp higher, curve a touch steeper.
- Fallout from the French election dominates so far.
- The DMO confirmed that a long gilt will be sold via syndication in September, this had no tangible impact on markets.
- SONIA futures are essentially flat. BoE-dated OIS is also little changed, showing ~15.5bp of cuts for the Aug MPC and ~47.5bp of easing through year end.
- BoE hawk Haskel will speak at 17:15 London, text to be released at 12:00.
- Chancellor Reeves will speak at 10:30. She is set to make kickstarting growth a "national mission," housebuilding targets/goals are also due to be outlined.
136 words