US-CHINA: Both Sides Say Rubio-Wang Talks "Pragmatic & Constructive"

Chancellor of the Exchequer Rachel Reeves outlining the gov'ts Spending Review, outlining day-to-day spending for the next three years and capital/investment spending for the next four years. The split of the entire 'envelope' (new gov't spending) announced in the Autumn 2024 budget between various gov't departments will be announced. 

• Reeves: "My fiscal rules are non-negotiable…and they are the foundation of stability and of investment. My first rule is for stability: That day-to-day government spending should be paid for through tax receipts. [...] This first rule allows me… …as I set out in the Budget… …to allocate £190bn more to the day-to-day running of our public services over the course of the spending review… …compared to the previous government’s plans."
• Reeves: "My second fiscal rule enables me to invest in Britain’s economic renewal…while getting public debt on a downward path. This rule has allowed me to increase public investment by over £100bn in the Autumn…and a further £13bn in the Spring..."
• The chancellor uses the first part of her speech to lambast the main opposition centre-right Conservatives over the 2022 Truss/Kwarteng mini-budget. Notably, she also targets Reform UK, a party with five members of parliament, on its "GBP80B of unfunded commitments. Hightlights the major challenge the gov't perceives from the right-wing populist party (which currently holds a sizeable lead in national opinion polling). 

You are invited to listen to a Livestreamed MNI Connect Video Conference with Federal Reserve Bank of Atlanta Raphael Bostic.

Details below:

• Speaker: Raphael Bostic, Federal Reserve Bank of Atlanta President
• Topic of discussion: 'The US Economic Outlook'
• DATE: Mon, 30 Jun 2025
• TIME: 15:00 - 16:00 BST
• This event is on the record and will run as a Zoom Webinar

To register please go to: MNI Webcast Registration

• In the FI space, the latest pullback in Bund futures still appears corrective - for now - and the trend condition remains bullish. Moving average studies are in a bull-mode position highlighting a dominant uptrend. A resumption of gains would signal scope for a climb towards 131.85, the Apr 22 high and a key resistance. Key short-term support to watch is 128.97, the May 14 low. First support lies at 130.12, the Jun 5 low.
• Gilt futures traded higher yesterday, resuming their short-term uptrend, strengthening the current bullish theme. This also marks an extension of the breach of resistance at 91.87, the May 20 high. The climb signals scope for a continuation higher and sights are on the 93.00 handle next. Initial firm support to watch lies at 91.56, the Jun 9 low. A clear break of this level is required to signal a possible reversal. For now, short-term weakness is considered corrective.