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Sunak's statement and Fed speakers the focus

BOND SUMMARY
  • It's been a fairly risk-off start to the day with core fixed income moving higher, European peripheral spreads widening and equity futures lower across the board.
  • Focus is on the upcoming UK economic update from Chancellor Rishi Sunak who is expected to announce some kind of new job support scheme. It is expected to be targeted at specific industries with government support said to range from 33% to 80% depending on which reports you read. Any other support measures will also be closely followed along with any estimates of the costings of the schemes.
  • After yesterday's PMIs showed higher than expected manufacturing prints but lower services prints, today's French business confidence and German IFO surveys were both a touch weaker than expected.
  • Later today we will receive the UK CBI reported sales and US weekly claims and housing data. There will also be a number of speeches from Fed's Kaplan, Bullard, Evans, Barkin, Williams and Bostic, along with Powell's testimony to the Senate. Elsewhere ECB's Lane takes part in a Twitter Q&A and BOE's Bailey gives a speech at a North East England Chamber of Commerce virtual event.
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