ECB: Schnabel Speech On Balance Sheet: QT Progressing Smoothly
Nov-06 08:02
Key messages from ECB Executive Board member Schnabel's speech titled "Towards a new Eurosystem bala...
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GILTS: Bear Steepening
Oct-07 07:57
Gilts sell off on the global cues detailed in recent bullets covering weakness in wider core global FI markets before stabilising off lows.
- Futures respect yesterday’s low ta 90.41, last -20 at 90.45.
- Bears remain in technical control, with initial support and resistance still located at 90.26 & 91.28.
- Yields 0.5-2.0bp higher, curve steeper.
- 10s last ~4.75%, still operating within the multi-week 4.60-4.80% closing range.
- Light hawkish moves in GBP STIRs given moves further out the curve, SONIA futures flat to 2.0 lower, BoE-dated OIS pricing just under 5bp of easing through year-end.
- The DMO will sell GBP1.25bln of the 0.125% Jan-28 gilt via PGT this morning.
- Little else of note on the UK calendar.
- Fiscal matters continue to dominate domestic news flow.
- Former BoE MPC member Saunders told BBG that inflation will provide the government with a net GBP5bln of additional revenue, although that is hardly positive news for households.
EQUITY OPTIONS: BNP Rolling Put
Oct-07 07:54
BNP (17th Oct) 80p vs (21st Nov) 76p, bought the Oct for 1.55 in 1.25k.
FOREX: FX OPTION EXPIRY
Oct-07 07:47
Of note:
EURUSD 2.2bn at 1.1650/1.1665 (could act as magnet).
EURUSD 1.07bn at 1.1700 (wed).
EURUSD 5.76bn between 1.1600/1.1700 (fri).
- EURUSD: 1.1650 (1.83bn), 1.1665 (406mln), 1.1700 (220mln), 1.1705 (382mln), 1.1710 (282mln), 1.1750 (1.27bn).
- USDJPY: 150.00 (79mln), 150.60 (525mln), 151.00 (676mln).
- NZDUSD: 0.5810 (276mln), 0.5820 (305mln).
