TURKEY: AKP Proposes to Hike Minimum Civil Servant Wage to TRY22,000
Jul-05 09:33
- Turkey's AKP Party has proposed hiking the minimum civil servant wage by 86% to TRY22,000
- This is as expected. Earlier this week, Hurriyet reported that the proposal to set the minimum civil servant salary at TRY22,000 and to make improvements in retiree pensions is expected to be passed quickly before the parliament goes on recess again at the end of summer.
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US TSYS: Off Cheaps, Although Still Softer On The Day Pre-NY
Jun-05 09:29
Tsys have consolidated a little off session cheaps after the initial cheapening burst in EGBs around the old Eurex futures open allowed all of the major cash Tsy benchmarks to move beyond Friday’s yield peaks (some had already done so in Asia-Pac hours). Some fresh weakness was then seen around the Gilt open before momentum waned.
- That leaves the major cash benchmarks running 4.0-5.5bp cheaper, with the 5- to 10-Year zone leading the weakness.
- TYU3 is -0-11+, 0-03 off the base of its 0-12 range.
- Macro headline flow has been a little limited, save the mark lower in the final Eurozone services PMI (to a still more than healthy 55.1).
- FOMC-dated OIS shows ~7bp of tightening for this month’s meeting and a cumulative 20bp of tightening through July, little changed to a touch softer vs. late Friday levels. Beyond July, 26bp of cuts are priced by year-end.
- The ISM services survey provides the focal point of the NY docket.
EQUITIES: EU Bank stock
Jun-05 09:28
SX7E (16th June) 110c sold at 0.15 in 6k
BONDS: Continuation lower after Friday's payrolls
Jun-05 09:19
- Treasuries continued their moves lower both on the week's open, through the Asian session and in early European trading while Bunds and EGBs also moved lower in early trading (both in continuation to the strong US payrolls print last week and the affirmation of France's AA status from S&P).
- The selloff has stalled somewhat, however, with services PMI data through Europe generally marginally weaker than had been expected. EGB spreads have been mixed this morning.
- Focus now switches to an appearance ahead of the ECON committee by ECB President Lagarde as well as the ISM services and US factory orders prints.
- TY1 futures are down -0-11 today at 113-16 with 10y UST yields up 4.6bp at 3.741% and 2y yields up 4.0bp at 4.541%.
- Bund futures are down -0.70 today at 134.94 with 10y Bund yields up 5.6bp at 2.367% and Schatz yields up 5.1bp at 2.846%.
- Gilt futures are down -0.70 today at 963.37 with 10y yields up 6.1bp at 4.213% and 2y yields up 7.4bp at 4.422%.
