LOOK AHEAD: UK Timeline of Key Events (Times BST)

In the Tokyo afternoon session, JGB futures are trading lower at 148.86, -13 from the settlement levels. The weaker demand observed at the auction of 20-year JGBs contributed to this downward trend. The auction price fell short of dealer expectations, and the cover ratio decreased compared to previous auctions. Furthermore, there was a notable increase in the auction tail compared to the May auction. The bid appears to have been influenced by the level of the outright 20-year yield and the richness of the 20-year on a 10/20/30-year butterfly.

• The leading economic indicator was revised at 96.8 in April, from 97.6 in the preliminary release, the Cabinet Office said. The Coincident indicator nuf=dged higher to 97.3 from 97.2.
• Cash JGBs remain mixed across the curve in afternoon trade break with the benchmark 10-year underperforming with its yield 1.1bp higher at 0.371%. The 40-year is the best performer with its yield 0.7bp lower at 1.354%.
• The 20-year zone sits 0.3bp higher at 0.959%, after being as low as 0.946%.
• The swap curve bear steepens with rates 0.5-2.6bp higher. Swap spreads are wider.
• The local calendar tomorrow is light tomorrow ahead of Retail Sales (May), International Investment Flows (June 23) and Consumer Confidence (June) on Thursday.