LOOK AHEAD: UK Timeline of Key Events (All Times in GMT)

Nov-08 06:23
Date UK Period Event
08-Nov 0930 BOE's Bailey address at CB of Ireland
09-Nov 0830 BOE's Pill speaks at ICAEW UK Regions Economic Summit
10-Nov 0700 Sep GDP/Services /Production/ Trade / Construction
10-Nov 0700 3Q GDP First Estimate
14-Nov 1200 BOE's Dhingra panellist at Festival of Economics
14-Nov 1345 BOE's Pill speech at the Festival of Economics
15-Nov 0700 Oct Consumer inflation report / Producer prices
15-Nov 1800 BOE's Haskel speech at the Resolution foundation
16-Nov 1545 BOE's Ramsden at the European Systemic Risk Board
17-Nov 0700 Oct Retail Sales
17-Nov 1310 BOE's Ramsden keynote speech at Conference
17-Nov 1315 BOE's Greene panellist at European Banking Congress
21-Nov 0700 Oct Public Sector Finances
22-Nov 0001 Oct XpertHR pay deals for whole economy
22-Nov 1100 Nov CBI Industrial Trends
22-Nov - UK Autumn Statement

Historical bullets

BUNDS: Extends higher post cash open

Oct-09 06:21
  • Bund has gapped higher, following Israel declaring war on Hamas, as desks favoured safer haven.
  • The contract is eyeing the initial resistance at 128.45 testing now, did print a 128.50 high last Monday.
  • Above the latter, opens to 128.79 and 129.30.
  • Support will be at 127.85 (gap from 128.17).
  • There's no data for the session, but plenty of focus on CPIs this week.
  • SUPPLY: It's a lighter week for Europe, most desks will be looking out for the US 3s, 10s and 30s this week.
  • SPEAKERS: ECB Guindos, Centeno, de Cos, BoE Mann, {us} US Logan, Barr, Jefferson.
  • Also of interest, Incoming ECB Cipollone will be at EU Parliament.

NORWAY: Fall In August GDP

Oct-09 06:17

Norway mainland GDP for August was -0.2% M/M (vs 0.0% cons; +0.2% prior). GDP including the offshore sector was also -0.2% M/M (vs +0.3% prior).

  • Statistics Norway note that wholesale and retail trade contributed most to the fall. The latter is consistent with the negative monthly retail sales figures released during July and August and negative expectations from the retail sector in the Regional Network Survey.
  • Consumption fell -0.2% M/M, led by a fall in goods consumption (-0.5% M/M), while services consumption increased (+0.5% M/M). Norges Bank expected this divergence in goods and services consumption in the latest Monetary Policy Report.
  • In fixed prices, exports fell 2.7% M/M, led by lower crude and natural gas exports as well as exports of traditional goods. Imports fell -2.4% M/M.
  • Statistics Norway note that the monthly data contains more uncertainty during Summer, and note that the 3M/3M growth rate shows mainland GDP at +0.2% 3M/3M.

EURIBOR: Some early interest inn the spreads

Oct-09 06:09
  • While Safer Haven flow on the back of Geopolitical tension are keeping core Bonds underpinned/bid, there's also some early Rate play in the White/Red Euribor strip with some early notable volumes especially in Sep 24.
  • Also some interest in selling ERZ3/ERH4, and ERZ4/ERZ4, nothing big but explains some of the volumes for this time of the day.
  • Regarding ERU4, some interest in selling the ERU4/ERZ4, and ERU4/ERH5.