UK DATA: Monthly GDP broadly in line; weak manufacturing balanced by services
Sep-12 2025 06:04
- As noted in the preview, July data is not accompanied by revisions - the errors from retail sales will be reflected in the next quarterly print at the end of the month.
- Monthly GDP broadly in line but with services a bit stronger than expected and IP softer (manufacturing in particular).
- GBPUSD hit a lower level than it reached overnight, but the move was restricted to less than 10 pips (and half of that has retraced).
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MNI: GERMANY FINAL JULY HICP 1.8%
Aug-13 2025 06:03
- GERMANY FINAL JULY HICP 1.8%
EUROZONE ISSUANCE: EGB Supply
Aug-13 2025 05:51
Germany is due to hold auctions this week, while Finland has already held an auction. We pencil in issuance of just E6.5bln in the week, down from E24.5bln last week.
- Germany will come to the market today with E5bln of the 10-year 2.60% Aug-35 Bund (ISIN: DE000BU2Z056).
- Cancelled auction: The MEF has announced that it will not hold the 3/7/15+ year BTP auction that had been scheduled for 13 August. This is in line with recent convention and is not unexpected. The MEF noted that this decision was taken “considering the cash management activity”.
NOMINAL FLOWS: This week sees E43.9bln of redemptions, of which E30.5bln is from a formerly 10-year Bund and E13.4bln from a formerly 3-year BTP. Coupon payments for the week total E6.3bln of which E5.5bln are German and E0.8bln are Italian. This leaves estimated net flows for the week strongly negative at negative E43.8bln, versus positive E23.5bln last week.
MNI EXCLUSIVE: Former BoJ Official Shares Policy Rate Outlook
Aug-13 2025 05:50
A former BOJ official shares his policy rate outlook. On MNI Policy MainWire now, for more details please contact sales@marketnews.com.
