US NOV FLASH MANUF PMI 48.8 (FCST: 48.9); OCT 48.5

MNI:Largest Canada New Home Price Dip Since `09 Led By Toronto

CANADIAN OCT FLASH RETAIL SALES +0.7%, 4TH STRAIGHT INCREASE

MNI China Daily Summary: Friday, November 22

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

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

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

EZ/UK Bond Supply Calendar: Gilt Syndi; IT, EU Due Monday

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL NOV INDEX 71.8

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

Yesterday's High In Futures Intact, Wider Themes Eyed

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

Gilt futures continue to respect yesterday’s high/initial resistance (99.25), bests of 99.23 seen thus far, last 99.07.

  • Yields ~2bp lower across the curve.
  • Benchmark 2s, 5s & 10s saw modest prints below yesterday’s yield lows, but bulls failed to generate meaningful traction on the breaks.
  • Equities and oil markets are off lows, after weakness in both drove the early gilt rally.
  • SONIA futures flat to +3.5.
  • BoE-dated OIS little changed to 3bp more dovish on the day, showing ~4.5bp of cuts for this month’s MPC, ~26.5bp of easing through the Nov meeting and ~41bp of cuts through Dec.
  • Final UK services PMI data was a little firmer than the flash estimate, with the accompanying text little changed.
  • Macro/cross-market moves are set to drive things through the remainder of the session, with little of note on the UK schedule & U.S. JOLTS data due.
143 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.

Gilt futures continue to respect yesterday’s high/initial resistance (99.25), bests of 99.23 seen thus far, last 99.07.

  • Yields ~2bp lower across the curve.
  • Benchmark 2s, 5s & 10s saw modest prints below yesterday’s yield lows, but bulls failed to generate meaningful traction on the breaks.
  • Equities and oil markets are off lows, after weakness in both drove the early gilt rally.
  • SONIA futures flat to +3.5.
  • BoE-dated OIS little changed to 3bp more dovish on the day, showing ~4.5bp of cuts for this month’s MPC, ~26.5bp of easing through the Nov meeting and ~41bp of cuts through Dec.
  • Final UK services PMI data was a little firmer than the flash estimate, with the accompanying text little changed.
  • Macro/cross-market moves are set to drive things through the remainder of the session, with little of note on the UK schedule & U.S. JOLTS data due.