EUROPEAN INFLATION: German National-Level Inline W/ MNI Tracking At 2.1% Y/Y
May-30 12:04
- German national-level CPI printed 2.1% Y/Y, in line with consensus and in line with the MNI tracking estimate of 2.0-2.1% Y/Y.
- Core CPI came in at 2.8% Y/Y (2.8% MNI tracking, 2.9% prior).
- Services inflation remains the most closely watched and decelerated to 3.4% Y/Y - state-level details earlier this morning suggested that an easter effect unwind drove the deceleration vs April's 3.9% at least to some degree.
- Food inflation remained at 2.8% Y/Y in May.
- Energy accelerated vs April but remained negative, printing -4.6% Y/Y (-5.4% prior).
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EUROPEAN INFLATION: German inflation "surprise" in line with MNI tracking
Apr-30 12:03
- German HICP came in a tenth higher than consensus expected at 2.2%Y/Y.
- The national print also came in one tenth higher than consensus at 2.1%Y/Y - this is in line with the MNI tracking from the state estimates which indicated 2.1-2.2%Y/Y - so not a big surprise here.
GILT PAOF RESULTS: GBP1.124998bln of the 4.375% Mar-28 Gilt sold.
Apr-30 12:03
- GBP1.125bln have been on offer.
- This leaves GBP24.817bln of the gilt in issue.
BONDS: Light Support For Tsys On Latest DeepSeek News
Apr-30 11:57
Tsys rally a little on the back of the previously outlined DeepSeek news, while wider core global FI is less impacted given the focus on readthrough for the U.S. economy/equities.
- Still moves in Tsys are modest with TY futures +0-04 over the last 30 minutes or so (next resistance at 112-12 intact), while yields are now 0.5-3.0bp lower on the day, curve bull flattens.
