SILVER TECHS: Northbound

Gilt opening Calls: 91.98/92.05.

Estox 50: +0.09%, Dax: +0.18%, CAC: -0.14%, FTSE +0.04%, SMI +0.15%.

GBP STIRs consolidate Friday’s hawkish repricing with nothing in the way of major weekend headline cues (TY & Bund futures little changed vs. levels that prevailed at Friday’s SONIA settlement, UK fiscal speculation focused on smaller taxes, see recent bullet).

• 18bp of easing priced for December, 26.5bp through February & 34bp through March.
• SONIA futures flat.
• BoE MPC member Mann will speak this afternoon (13:20 London). A reminder that we have previously suggested that speeches from MPC members outside of Governor Bailey are likely to have less impact for markets in the run up to the December decision (given their entrenched views).
• Wednesday’s CPI data headlines in the UK this week.
• There is more uncertainty than usual around the CPI print. We have seen sell-side estimates for headline CPI that are both above and below the BoE's updated +3.60% Y/Y forecast (BBG survey consensus +3.5% at typing).
• Markets will assess whether the print will push Governor Bailey to support a December cut.
• Given current market pricing we think that there is potential for a larger move if the data comes in higher than expected.