BELGIUM T-BILL AUCTION PREVIEW: On offer next week
Aug-01 12:14
Belgium has announced it will be looking to sell a combined E2.6-3.0bln of the following TCs at its ...
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GILTS: Most Of Sell Off & Steepening Holds Despite Starmer's Support For Reeves
Jul-02 12:14
Weakness had extended as talks of movement around the PM’s office did the rounds and questions surrounding Chancellor Reeves’ future intensified.
- Bounce from lows then evident as PM Starmer expresses full support for Reeves.
- Most of the sell off is intact, suggesting markets are treating Starmer’s apparent support with scepticism.
- Gilt futures through key support at 92.23, before bouncing from 91.84, recovering to 92.10 last.
- Yields 6-16bp higher on the day, 2-3bp off session highs.
- Most of the curve steepening holds.
- 2s10s threatens a break back above 70bp. The curve hasn’t closed above that level since late May.
- 5s30s above 135bp, eying year-to-date closing highs (138.6bp).
UK: Sell Off In Gilts & GBP Stalls As Reeves Has Starmer's Full Support
Jul-02 12:08
Gilts and GBP stabilise off of lows as UK PM Starmer’s Press Secretary notes that Chancellor Reeves has the PM’s “full support”, per RTRS headlines.
US TSY FUTURES: Extending Lows Ahead June ADP Employ Data
Jul-02 12:06
- Treasury futures are extending lows ahead of the June ADP data at 0815ET (+98k expected, up from +37k in May).
- Currently, Sep'25 10Y trades -9 at 111-18.5 (111-18.5L / 111-30.5H).
- First key support to watch is 111.07+, the 20-day EMA.
- Curves steeper: 2s10s +2.831 at 49.554; 5s30s +2.655 at 95.419.
- Cross asset: Bbg US$ index climbing to 1192.26 (+2.75), stocks flat SPX eminis +0.0 at 6248.75), crude firmer (WTI +0.86 at 66.31), Gold firmer at 3342.23.
