HUNGARY: PM Says Can’t Accept EU Proposal to Halt Russia Oil, Gas Imports
Jun-27 06:53
* Speaking on state radio this morning, Prime Minister Viktor Orban said Hungary is acting in tand...
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STIR: Dec BoE Pricing Continues To Show 35-40bp Of Cuts
May-28 06:48
A flat start for GBP STIRs today, with Bunds and Tsys trading around levels seen at yesterday’s SONIA futures settlement window after sub-par demand at a 40-Year JGB auction applied some pressure overnight.
- SONIA futures -1.0 to +2.0, strip twist flattens.
- BoE-dated OIS within 1bp of yesterday’s closing levels, showing 36bp of cuts through year-end, with ~60% odds of the next 25bp cut priced through the end of the September MPC and 29.5bp of cuts priced through November.
- A text covering comments from BoE chief economist Pill will be released today (on the topic of “monetary policy: taking a walk on the supply side”) although don’t expect it to be market moving as the address was given on Thursday of last week.
- A reminder that Pill has already reaffirmed his position at the hawkish end of the BoE spectrum after lodging a dissenting vote earlier this month (to leave rates on hold).
- Macro cues should be at the fore for much of today.
BoE Meeting | SONIA BoE-Dated OIS (%) | Difference vs. Current Effective SONIA Rate (bp) |
Jun-25 | 4.221 | +1.0 |
Aug-25 | 4.105 | -10.6 |
Sep-25 | 4.055 | -15.6 |
Nov-25 | 3.916 | -29.5 |
Dec-25 | 3.853 | -35.8 |
Feb-26 | 3.754 | -45.7 |
Mar-26 | 3.742 | -46.8 |
MNI: FRANCE GDP Q1 2ND EST +0.1% Q/Q
May-28 06:45
- MNI: FRANCE GDP Q1 2ND EST +0.1% Q/Q
- FRANCE GDP Q1 2ND EST +0.6% Y/Y
MNI: FRANCE APR CONSUMER SPENDING +0.3% M/M, -0.1% Y/Y
May-28 06:45
- MNI: FRANCE APR CONSUMER SPENDING +0.3% M/M, -0.1% Y/Y
- MNI: FRANCE APR CONSUMER MANUF SPENDING +1.5% M/M, +0.8% Y/Y
