MNI BRIEF: Foreign Firms Content In China

MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: PBOC Sets Yuan Parity Lower At 7.1270 Fri; -0.95% Y/Y

CHINA PBOC CONDUCTS CNY358.05 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1270 FRI VS 7.1321

MNI: FRANCE JUL CONSUMER SENTIMENT 91

MNI: SWEDEN JUN UNEMPLOYMENT 9.4%

EZ/UK Bond Supply Calendar: BoE Short APF Operation on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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

SONIA futures a little lower; markets look to Reeves statement on Monday

SONIA
Homepagemarkets-real-timeBulletMarketsFixed Income Bullets
  • SONIA futures have taken a cue from Euribor futures this morning, with Reds / Greens / Blues down by up to 1.5 ticks softer on the open (but Whites have seen less of a move).
  • The main domestic news since yesterday's close has been widespread coverage ahead of Chancellor Reeves' statement to parliament on Monday. She report back on the state of the public finances as well as confirm the date of the Budget (we pencil in 30 October) and make an announcement on public sector pay (following the independent pay review body recommending doctors, nurses and teachers receive a higher-than-budgeted for 5.5% increase). Media reports have reported a shortfall of GBP19bln and across the spectrum (from the left-leaning Guardian to the right-leaning Telegraph) are noting that Reeves is likely to raise taxes in the autumn.
  • There is little more on the domeestic calendar today with US PCE data the highlight on the external calendar. UK markets are therefore likely to keep an eye on politics ahead of next week's MPC meeting. A 46% probability of a 25bp cut is currently priced by markets with 99bp priced by June 2025.
188 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.
  • SONIA futures have taken a cue from Euribor futures this morning, with Reds / Greens / Blues down by up to 1.5 ticks softer on the open (but Whites have seen less of a move).
  • The main domestic news since yesterday's close has been widespread coverage ahead of Chancellor Reeves' statement to parliament on Monday. She report back on the state of the public finances as well as confirm the date of the Budget (we pencil in 30 October) and make an announcement on public sector pay (following the independent pay review body recommending doctors, nurses and teachers receive a higher-than-budgeted for 5.5% increase). Media reports have reported a shortfall of GBP19bln and across the spectrum (from the left-leaning Guardian to the right-leaning Telegraph) are noting that Reeves is likely to raise taxes in the autumn.
  • There is little more on the domeestic calendar today with US PCE data the highlight on the external calendar. UK markets are therefore likely to keep an eye on politics ahead of next week's MPC meeting. A 46% probability of a 25bp cut is currently priced by markets with 99bp priced by June 2025.