INDIA: Bond Wrap
Aug-21 05:25
- Central Bank Governor indicating rates on hold until inflation shows signs of settling.
- Market very quiet ahead of PMI data tomorrow.
2YR 6.692% 5YR6.766% 10YR6.851% (-0.5bp) 30YR 6.954%
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LOOK AHEAD: UK Timeline of Key Events (Times BST)
Jul-22 05:23
| Date | UK | Period | Event |
| 24-Jul | 0001 | July | Brightmine pay deals for whole economy |
| 24-Jul | 0930 | July | S&P Global Flash PMIs |
| 25-Jul | 1100 | July | CBI Industrial Trends |
| 29-Jul | 0930 | June | BOE M4/ Lending to Individuals |
| 29-Jul | 1100 | July | CBI Distributive Trades |
| 30-Jul | 0001 | July | BRC Monthly Shop Price Index |
| 01-Aug | 0930 | July | S&P Global/ CIPS UK Final Manufacturing PMI |
| 01-Aug | 1200 | - | Bank Of England Interest Rate |
| 01-Aug | 1230 | - | BoE Press Conference |
| 05-Aug | 0930 | July | S&P Global/ CIPS UK Final Services/Composite PMI |
| 06-Aug | 0001 | August | BRC-KPMG Shop Sales Monitor |
| 06-Aug | 0930 | July | S&P Global/ CIPS UK Construction PMI |
| 13-Aug | 0700 | June/July | Labour Market Survey |
| 14-Aug | 0700 | July | Consumer inflation report/ Producer Prices |
US TSYS: Tsys Futures Steady, Curve Flattens As Market Rethinks "Trump Trade"
Jul-22 05:21
- Treasury futures initially sold off a touch after China lower the LPR, although we have since recovered that move to trade little changed today. TUU4 trades - 00⅛ at 102-15, while TYU4 is + 02+ at 110-29, ranges have been tight today, while volumes have been below average.
- The treasury curve has flatten, reversing some of the curve steepening that has occurred as a part of the "Trump Trade", although it should be noted that betting markets have not really swung back in favor of the democrats. This morning the 2y is -0.7bps at 4.504%, while the 10yr is trading -1.6bps at 4.223%
- Projected rate cut pricing into year end look steady to mixed vs. late Thursday levels (*) -- Sep gains while Nov and Dec decline: July'24 at -4.5% w/ cumulative at -1.1bp at 5.318%, Sep'24 cumulative -25.9bp (-25.2bp), Nov'24 cumulative -40.6bp (-41.1bp), Dec'24 -62.9bp (-64.6bp)
- looking ahead today we have Chicago Fed Nat Activity Index, the Fed is in a policy blackout until August 1.
LOOK AHEAD: Eurozone Timeline of Key Events (Times BST)
Jul-22 05:18
| Date | Time | Country | Event |
| 23-Jul | 800 | EU | ECB's Lane at ECB/IMF conference in Frankfurt |
| 23-Jul | 1500 | EU | Consumer Confidence Indicator (p) |
| 24-Jul | 700 | DE | GFK Consumer Climate |
| 24-Jul | 745 | EU | ECB's de Guindos at ECB/IMF conference |
| 24-Jul | 800 | ES | PPI |
| 24-Jul | 815 | FR | S&P Global Flash PMI (p) |
| 24-Jul | 830 | DE | S&P Global Flash PMI (p) |
| 24-Jul | 900 | EU | S&P Global Flash PMI (p) |
| 24-Jul | 1300 | EU | ECB's Lane at ECB/IMF conference |
| 25-Jul | 745 | FR | Manufacturing Sentiment |
| 25-Jul | 900 | EU | M3 |
| 25-Jul | 900 | DE | IFO Business Climate Index |
| 25-Jul | EU | ECB's Cipollone at G20 Fin min/central bank meeting | |
| 25-Jul | 1400 | BE | BNB Business Sentiment |
| 25-Jul | 1600 | EU | ECB's Lagarde attends Paris Summit |
