LNG: Turkey’s LNG Plan to Meet Domestic Demand, Boost Exports
Turkey has expanded its LNG infrastructure to reduce reliance on Russian, Iranian and Azerbaijani pi...
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MNI EXCLUSIVE: Former Canadian finance department economist speaks about budget
Former Canadian finance department economist speaks about Mark Carney's budget focused on damage from U.S. trade war. - On MNI Policy MainWire now, for more details please contact sales@marketnews.com
SWEDEN: October Flash Inflation Due Tomorrow; Small CPIF ex-energy Fall Expected
Swedish October flash inflation is due tomorrow at 0700GMT/0800CET. Analysts expect CPIF ex-energy inflation to print in line with the Riksbank’s September MPR projection at 2.6% Y/Y (vs 2.70% prior). If realised, this would be neutral for monetary policy, particularly in the wake of today’s unsurprising November decision and policy statement.
- Higher electricity prices are expected to push headline inflation above the Riksbank’s projection (consensus 2.9% Y/Y vs 2.7% Riksbank).
- At today’s press conference, Governor Thedéen emphasised that the Riksbank projects CPIF inflation excluding energy and food VAT to be broadly in line with the 2% target throughout its forecast horizon.
GILTS: Bear Steepening Alongside Tsys
Gilts take cues from Tsys, which have softened in the wake of the ADP employment report and guidance from the U.S. Treasury re: future coupon issuance increases.
- Gilt futures trade to lowest levels of the day, breaking Monday’s lows.
- Still, bears don’t challenge initial support at the October 27 low (93.15). The bullish technical theme remains intact.
- Yields now 0.5-3.0bp higher, curve steeper.
- Medium-term uptrend support (drawn off the August ’23 low) remains intact in the 2s10s curve.
- A reminder that we flagged risks of steepening around a dovish outcome at tomorrow’s BoE decision.
