MNI China Daily Summary: Friday, November 22

UK NOV FLASH MANUF PMI 48.6 (FCST: 50.0); OCT 49.9

EUROZONE NOV FLASH MANUF PMI 45.2 (FCST: 46.0); OCT 46.0

MNI: PBOC Net Drains CNY345.9 Bln via OMO Friday

MNI BRIEF: Fed Should Explore Central Clearing At SRF-Hammack

MNI China Daily Summary: Thursday, November 21

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

GERMANY NOV FLASH MANUF PMI 43.2 (FCST: 43.0); OCT 43.0

FRANCE NOV FLASH MANUF PMI 43.2 (FCST:44.5); OCT 44.5

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

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

Under Pressure As Global Supply Pipeline Swells & With EGBs On Defensive

GILTS
Bank Of England (BOE) Market NewsHomepageBond Market NewsBulletMarketsFixed Income Bullets

Gilts trade lower, with spill over from a hawkish ECB sources report and swelling IG supply pipeline pressuring core global FI markets.

  • Uptick from lows in oil & firmer-than-flash final Eurozone manufacturing PMI data also noted.
  • Futures through Friday’s lows and a couple of Fibonacci supports, hitting 98.11.
  • Round number support comes in at 98.00, protecting next Fibonacci support (97.91).
  • Yields 2.5-4.5bp higher across the curve, 10s lead the sell off.
  • SONIA futures flat to -5.5, at/just off session lows.
  • BoE-dated OIS still fully discounts a 25bp cut through the Nov MPC.
  • Further out, ~38bp of cuts are priced through year end vs. ~40bp late Friday.
  • The local calendar is relatively limited this week, headlined by final PMIs, syndicated supply (4.375% Jan-40 gilt) and an appearance from BoE’s Breeden (moderating a panel discussing supervisory matters).
  • That should leave focus on wider macro matters for the most part , with U.S. labour market data set to dominate.
156 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.

Gilts trade lower, with spill over from a hawkish ECB sources report and swelling IG supply pipeline pressuring core global FI markets.

  • Uptick from lows in oil & firmer-than-flash final Eurozone manufacturing PMI data also noted.
  • Futures through Friday’s lows and a couple of Fibonacci supports, hitting 98.11.
  • Round number support comes in at 98.00, protecting next Fibonacci support (97.91).
  • Yields 2.5-4.5bp higher across the curve, 10s lead the sell off.
  • SONIA futures flat to -5.5, at/just off session lows.
  • BoE-dated OIS still fully discounts a 25bp cut through the Nov MPC.
  • Further out, ~38bp of cuts are priced through year end vs. ~40bp late Friday.
  • The local calendar is relatively limited this week, headlined by final PMIs, syndicated supply (4.375% Jan-40 gilt) and an appearance from BoE’s Breeden (moderating a panel discussing supervisory matters).
  • That should leave focus on wider macro matters for the most part , with U.S. labour market data set to dominate.