MNI: FRANCE DEC CONSUMER SENTIMENT 89
Dec-22 07:45
- MNI: FRANCE DEC CONSUMER SENTIMENT 89
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
UK: Autumn Statement: Potential Market Movers (1/2)
Nov-22 07:44
- Consensus estimates for the remit revision are around a GBP15bln or so reduction to around GBP220bln (GBP220.0bln median / GBP222.1bln mean from the previews that we read).
- Although the remit is based off CGNCR (the cash measure), we should get an idea earlier on based on the revisions to the PSNBex numbers the Chancellor will read out the size of the remit revision (although the accrual and cash measures don't always match up). This will likely move the market somewhat while the measures are set out.
- When the remit is announced, some are expecting a more skewed reduction in long/linker issuance - if this isn't the case or if the remit is reduced by less than expected we could get some steepening of the curve. (Although there could be further changes later at 15:30GMT when the DMO's FQ4 consultation agenda is announced).
STIR: SONIA Holds Pot-Settlement Losses, Fiscal Matters Dominate Today
Nov-22 07:41
The downtick in core global FI markets since the time of yesterday’s SONIA settlement has applied pressure to SONIA futures, although most of that came pre-close, leaving futures flat to -6.5 through the blues, with the reds leading the weakness.
- BoE-dated OIS is flat to 3bp firmer across liquid contracts, with the core global FI downtick also at the fore there.
- A quick reminder that the higher for longer mantra was at the centre of yesterday’s deluge of BoE speak, while the door to further hikes was left open once again (even if it is not the base case for most MPC members), dependent on the inflation trajectory.
- Local headline flow has seen continued focus on today’s Autumn Statement, with the UK press pointing to an emphasis on business tax cuts (after PM Sunak intimated that focus of any tax relief measures will largely centre on the supply side of the economy), in addition to national insurance tax cuts for individuals (press outlets have flagged the likelihood a pre-election income tax cut in the Spring Budget).
- The Autumn Statement presents the highlight of the UK docket today. See our full preview of that event here.
USD: A positive start for the Greenback
Nov-22 07:36
- The Dollar is back on the front foot as Equities failed to extend through some key levels, especially the Nasdaq running out of steam ahead of contract record high in futures and in cash.
- The Kiwi was the worst overnight performer, but is now joined by the Yen, with both Currencies down 0.35% respectively as Europe joins the session.
- Overall the Yen is still up 1.64% in the past 5 days.
- Cable is closer to flat (down 0.12%), with market participants awaiting the UK's Autumn statement, debates are set to start at 12.00GMT.
