US TSY OPTIONS: FV Puts Blocked
Jun-15 06:26
FVN3 109.50 & 109.25 puts blocked with the former seeing 7.0K blocked at 1-63 and the latter seeing 8.0K blocked at 1-47, both look like buyers.
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BUNDS: Better Bid To Start The Day, Wider Inputs Dominate
May-16 06:21
Cross-market impulses from softer than expected monthly Chinese economic activity data and the recently released UK labour market data suite allow Bunds to add to their late Monday move from lows, with the futures contract +40 vs. yesterday’s settlement levels.
- Early rhetoric from the head of the Greek central bank, Stournaras, stuck to his usual dovish lean. He noted that the current phase of ECB rate hikes is coming to an end, while highlighting the Bank’s data-dependent stance when assessing whether 1 or 2 further rate hikes will be required.
- The latest ZEW survey heads up the domestic docket today, while flash Q1 Eurozone GDP data and employment data is also slated.
- ECB speak from Lagarde, de Guindos & Makhlouf is eyed. This comes after the latest RTRS poll reiterated the well-trodden idea that the Bank “will hike its key interest rates by 25 basis points at each of the next two meetings, according to economists polled by Reuters, many of whom also said the bigger risk was rates could go higher still in the future.”
- On the Eurozone sovereign supply front, we look for Belgium’s syndication of its new Jun-43 OLO to price today, pencilling in a size of EUR5bn. Elsewhere, Finland will come to market with EUR1.0-1.5bn of RFGBs including the Sep-33 line.
UK DATA: Slightly disappointing report
May-16 06:11
- Overall a slightly soft report - the payrolled employees falling 136k is a big dip (although the ONS is very cautious about gauging the importance of this). AWE were pretty much in line with expectations. Long-term sickness moved to a record high, but the inactivity rate fell due to more 16-24y seeking employment.
- Vacancies fell 55k on the quarter but are still 282k above pre-covid levels.
- GBPUSD is down from 1.2515 pre-data to below 1.2490 at writing with EURGBP up 10 pips to above 0.8700.
MNI: UK APR CLAIMANT CHG +46700
May-16 06:00
- MNI: UK APR CLAIMANT CHG +46700
- UK APR CLAIMANT RATE +4%
- UK MAR ILO UNEMPLOYMENT RATE +3.9%
- UK MAR AVE WEEKLY EARNINGS +5.8% YY
- UK MAR AVE WEEKLY EARNINGS EX-BONUS +6.7% YY
