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UK: Week Ahead

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What to Watch: Higher Ylds, Fed Speak, Crude Bounce

MARKET INSIGHT
June kicks off w/ rates trading weaker, near early London session lows (30YY currently 3.0746% vs. 3.0845% high), yield curves mixed w/ 2s10s adding to Tue's steepening +.830 at 29.183.
  • Stocks gaining (ESM2 +12.0 at 4143.5). Eying rebound in crude (WTI +1.04 at 115.71) after support faded late Tue' on WSJ report some OPEC members are exploring the idea of suspending Russia's participation in an oil-production deal as Western sanctions.
  • Economic data kicks off at 0945ET:
    • S&P Global US Mfg PMI (57.5, 57.5), followed by
    • Construction Spending MoM (0.1%, 0.6%) at 1000ET
    • ISM MFG (55.4, 54.5); Prices Paid (84.6, 80.5)
    • ISM New Orders (53.5, --); ISM Employment (50.9, --)
    • JOLTS (11.549M, 11.400M)
    • Beige Book release at 1400ET
  • Fed speak:
    • SF Fed Daly on CNBC Tech Talk at 1100ET
    • NY Fed Williams open remarks on mon-pol con, text, no Q&A at 1130ET
    • StL Fed Bullard on economy, mon-pol, text, Q&A at 1300ET
  • US Tsys auctions: US Tsy $30B 119-day bill CMB (912796YC7)
  • Geopol risk: The Kremlin has further pushed back any nascent hopes of talks beginning soon between Moscow and Kyiv, with a comments released a short time ago stating that the continued US provision of weaponry to Ukraine does not encourage talks between the two sides.

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