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MARKET INSIGHT
  • As our overnight team have noted, after Treasuries initially sold off on the open, they reversed mos t of their losses as the focus switched to the negative headline flow, including focus on fresh western sanctions on Russia, another North Korean missile launch, a warning re: the “complicated and grave” situation that the Chinese labour market is facing via the country’s Premier and deeper mobility restrictions in areas of Beijing (confirmed) & Shanghai (rumoured, per RTRS sources).
  • This is being coupled with participants’ being cognisant of headline risks surrounding the Russia-Ukraine conflict (ahead of President Putin’s annual Victory Day parade address, scheduled for later today). Note that the parade begins at 8:00BST / 9:00CET and the speech is just confirmed to take place during the ceremony.
  • The data calendar is light today so focus will remain on central bank speakers.
  • Perhaps one of the most notable of the scheduled speakers will be BOE's Saunders. He is due to speak at the Resolution Foundation at 14:00BST / 15:00CET. His speech is enable "Where does monetary policy go in a low rate, high inflation, unstable economic environment?" Recall that he is one of the most hawkish members of the MPC and voted for a 50bp hike last week. Also note that Saunders will be leaving the MPC on 8 August (so his last contribution and vote will be at the August MPC meeting).
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