POLAND: S&P Manufacturing PMI Eyed
Aug-01 06:54
* Commenting on the situation in Ukraine, head of the Sejm's Foreign Affairs Committee (SZA) Pawe ...
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EQUITIES: EU Cash Opening Calls
Jul-02 06:53
Estox 50: +0.65%, Dax: +0.50%, CAC: +0.50%, FTSE +0.43%, SMI +0.32%.
EURIBOR OPTIONS: Call Ladder Buyer
Jul-02 06:50
ERQ5 98.125/98.1875/98.25c ladder, bought for 1.25 in 4k.
STIR: BoE Pricing Little Changed, 55bp Cuts Showing Through Dec
Jul-02 06:44
GBP STIRs essentially flat, with Tsys trading roughly in line with levels that prevailed at yesterday’s SONIA settlement, while Bund futures are lower vs. levels seen in that window.
- BoE-dated OIS shows 21bp of easing for August, 28bp through September, 46bp through November and 55bp through year-end.
- Doves have been unable to push year-end pricing sustainably beyond 55bp of cuts in recent sessions.
- With only 4 meetings left in the year, further dovish cues, most likely via a further deterioration in the labour market, are probably required to generate a meaningful extension of the recent move.
- SONIA futures -1.0 to +0.5.
- Comments from BoE dovish dissenter Taylor (11:30 London) headline the UK calendar today.
BoE Meeting | SONIA BoE-Dated OIS (%) | Difference Vs. Current Effective SONIA Rate (bp) |
Aug-25 | 4.009 | -20.8 |
Sep-25 | 3.935 | -28.2 |
Nov-25 | 3.757 | -46.0 |
Dec-25 | 3.665 | -55.2 |
Feb-26 | 3.530 | -68.7 |
Mar-26 | 3.493 | -72.4 |
