MNI Europe Pi: Longs Recede Post-Roll

Download Full Document Here: https://media.marketnews.com/MNI_P22122025_3a9956eca6.pdf EXECUTIVE SUMMARY * The long-leaning overall structural positioning seen in mid-late November has mostly receded since the quarterly futures roll (Dec-Mar). * That's particularly the case for German contracts where longs are now hard to come by, with OAT also seeing a notable shift toward the short side. * Last week's trade (amid the ECB and BoE meetings) saw shorts set and longs reduced across most contracts. * GERMANY: Bobl remains in long territory but other German contracts have shifted since late November. Bund and Buxl most notably are now in short structural positioning, vs long previously. They are joined by Schatz which previously was "very short". The latest's week trade showed short-setting in each contract, with the exception of Schatz (short cover). * OAT: OAT structural positioning has flipped to short from long previously. Last week's trade was indicative of short-setting. * GILT: Gilt structural positioning was relatively flat going into the Dec/Mar rolls and remains so. The latest week saw some long reduction. * BTP: BTP structural positioning has dipped into long vs previously "very long" territory. Trade indicative of short-setting was seen last week.

MNI BoJ Review-Dec 2025: +25bps, Uncertainty On Hike Timing

EXECUTIVE SUMMARY: * The BoJ hiked rates by 25bps last Friday, in line with the sell-side economic consensus and market pricing. As expected, the BoJ also kept a tightening bias into 2026, as it still views policy settings as accommodative. * Still, the market came away disappointed on lack of details on the timing around further rate hikes, with yen weakening and JGB yields pushing higher. * Market pricing has a further 25bps hike priced by around the July meeting next year. * Part of the market focus will be on whether higher USD/JPY levels brings forward market expectations for the next hike. FOR THE FULL PUBLICATION PLEASE USE THE FOLLOWING LINK: BOJ Review - Dec 2025.pdf: https://media.marketnews.com/BOJ_Review_Dec_2025_eab8c7b7c6.pdf

MNI US Macro Weekly: More Noise Than Signal From Key Data

The FOMC will thus interpret the latest data readings with caution.

MNI US Inflation Insight: Messy And Misleadingly Soft

The November CPI report was even messier than had been feared.