STIR: BoE Pricing Steadies, Showing Less Than 50bp Cuts through Dec
Jun-20 14:32
BoE-dated OIS little changed to incrementally more hawkish on the day, with macro inputs detailed el...
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
GILT AUCTION PREVIEW: On offer next week
May-21 14:31
The DMO has announced it will be looking to sell GBP2.75bln of the 0.875% Jul-33 Green Gilt (ISIN: GB00BM8Z2S21) at its auction next Wednesday, May 28.
BTP: 10-year Spread To Bunds Back Below 100bps As Equites Turn Positive
May-21 14:30
Fresh tightening seen in the 10-year BTP/Bund spread as European equity futures turn positive on the session. The spread is back below 100bps once again. As noted earlier, the immediate downside target is at ~97.7bps (Sep 2021 low), which shields the February 2021 low at ~90bps.
- Echoing last week’s MNI Policy Team piece, BBG sources have reported that the EU are preparing a fresh trade proposal for the US to inject momentum into talks.
- We have previously noted that progress on an EU-US trade deal may be required for the BTP/Bund spread to sustain a meaningful push below 100bps.
- MNI’s latest EuropePi noted that BTP positioning has remained in typical “long” territory during the course of May.
- The May flash PMIs headline tomorrow’s Eurozone data calendar. While a June ECB cut remains essentially fully priced in ECB-dated OIS, there is still scope for dovish repricing in the July and September contracts if downside growth risks continue to increase.
MNI: US EIA: CRUDE OIL STOCKS EX SPR +1.33M TO 443.2M MAY 16 WK
May-21 14:30
- US EIA: CRUDE OIL STOCKS EX SPR +1.33M TO 443.2M MAY 16 WK
- US EIA: DISTILLATE STOCKS +0.58M TO 104.1M IN MAY 16 WK
- US EIA: GASOLINE STOCKS +0.82M TO 225.5M IN MAY 16 WK
- US EIA: CUSHING STOCKS -0.46M TO 23.4M BARRELS IN MAY 16 WK
- US EIA: SPR +0.84M TO 400.5M BARRELS IN MAY 16 WK
- US EIA: REFINERY UTILIZATION WEEK CHANGE +0.5% TO 90.7% IN MAY 16 WK
