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Off Lows, Reeves & Haskel Eyed

GILTS

Gilts recover from early lows as French political matters dominate early on Monday.

  • Futures +2 at 98.03. Friday’s high (98.11) protects the June 28 high (98.24). A clear break higher would put bulls in control after an early July pullback.
  • Cash gilt yields are 2bp lower to little changed, light steepening on the curve.
  • Pre-open lower tier data shouldn’t prevent BoE loosening over the coming months, but sticky wages in the REC survey will provide a source of caution.
  • Looking ahead, Chancellor Reeves will speak at 1030 BST.
  • Reeves is set to make kickstarting growth a "national mission," with housebuilding targets/goals also due to be outlined.
  • BoE’s Haskel will speak at 1715 BST (see “48bp Of '24 BoE Cuts Priced, Haskel Comments Due Later Today” - 0743BST for greater colour on that appearance).
  • The DMO has confirmed that a long gilt will be sold via syndication in September.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Bond Market NewsHomepagemarkets-real-timeBulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Bond Market NewsHomepagemarkets-real-timeBulletMarketsFixed Income Bullets

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