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

May-16 05:23
Date UK Period Event
16-May 1200 BOE's Greene Speech at Make UK on Labour Market
17-May 0900 BOE's Mann Speech at Economics Statistics Conference
20-May 1000 BOE's Broadbent Monetary Mechanism Workshop
20-May - DMO quarterly consultation investors/GEMM consultation
21-May 1100 May CBI Industrial Trends
21-May 1800 BOE's Bailey Lecture at LSE
22-May 0001 Apr Brightmine pay deals for whole economy
22-May 0700 Apr Consumer inflation report/ Producer Prices
22-May 0700 Apr Public Sector Finances
22-May 1345 BOE's Breeden Panellist on macroprudential policies
23-May 0930 May S&P Global Flash PMI
24-May 0001 May Gfk Monthly Consumer Confidence
24-May 0700 Apr Retail Sales
28-May 0001 May BRC Monthly Shop Price Index
28-May 1100 May CBI Distributive Trades
31-May 0730 DMO to release FQ2 (Jul-Sep) gilt operations calendar
31-May 0930 Apr BOE M4/ Lending to Individuals

Historical bullets

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

Apr-16 05:23
Date UK Period Event
16-Apr 0700 Feb/Mar Labour Market Survey
16-Apr 1015 BOE's Lombardelli TSC pre-appointment hearing
16-Apr 1800 BoE's Bailey Interview On IMF Today
17-Apr 0700 Mar Consumer inflation report/ Producer Prices
17-Apr 1305 BoE's Greene on IIF Panel
17-Apr 1700 BoE's Bailey In IIF Fireside Chat
17-Apr 1900 BoE's Haskel At Kings College London Panel
19-Apr 0700 Mar Retail Sales
19-Apr 1515 BoE's Ramsden at Peterson Institute Conference
19-Apr 1730 BOE's Mann Panelist at Capital Flows Seminar
22-Apr 1100 Apr CBI Industrial Trends
23-Apr 0700 Mar Public Sector Finances
23-Apr 0900 BOE's Haskel Panelist at Econometric Seminar
23-Apr 0930 Apr S&P Global Flash PMI
23-Apr 1215 BOE's Pill Speech at University of Chicago
25-Apr 1100 Apr CBI Distributive Trades
26-Apr 0001 Apr Gfk Monthly Consumer Confidence

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

Apr-16 05:18
Date Time Country Event
16-Apr 900 IT Italy Final HICP
16-Apr 1000 DE ZEW Current Conditions & Expectations Index
16-Apr 1000 EU Trade Balance
17-Apr 1000 EU HICP (f)
17-Apr 1000 EU ECB's Cipollone in Italian Banking Meeting
17-Apr 1400 EU ECB's Cipollone at IIF Global Outlook Forum
17-Apr 1645 EU ECB's Schnabel Speaks At IRFMP
18-Apr 815 EU ECB's De Guindos ECB Report Presentation
18-Apr 900 EU EZ Current Account
18-Apr 1000 EU Construction Production
18-Apr 1830 EU ECB's Schnabel Speaks At 2024 EU-US Symposium
19-Apr 700 DE PPI
22-Apr 1500 EU Consumer Confidence Indicator (p)
22-Apr 1630 EU ECB's Lagarde Lecture at Yale
23-Apr 815 FR S&P Global Flash PMI (p)
23-Apr 830 DE S&P Global Flash PMI (p)
23-Apr 900 EU S&P Global Flash PMI (p)

JGBS: Slightly Cheaper, Trade balance Data Tomorrow Alongside BoJ Rinban Operations

Apr-16 05:10

JGB futures are holding weaker but sitting in the top half of today’s range, -15 compared to the settlement levels.

  • There hasn’t been much in the way of domestic drivers to flag. An Enhanced-Liquidity Auction of 5-15.5-year JGBs is due later.
  • The BoJ is concerned the soft yen could weaken the wage-price relationship (See MNI Policy MainWire)
  • (Bloomberg) -- Japan’s finance minister stopped short of issuing his strongest warning on possible market intervention in comments that fueled renewed yen weakness after the currency slumped to a fresh 34-year low overnight. (See link)
  • Cash US tsys are ~1bp cheaper in today's Asia-Pac session after yesterday's sell-off. Fed Chair Powell, Vice Chair Philip Jefferson and Richmond Fed President Thomas Barkin are scheduled to speak later today.
  • Cash JGBs are slightly cheaper across benchmarks. The benchmark 10-year yield is 0.6bps higher at 0.870% after setting a fresh YTD high of 0.884% earlier today.
  • The swaps curve has twist-steepened, with rates 3bps lower to 1bp higher. Swap spreads are tighter across maturities.
  • Tomorrow, the local calendar sees Trade Balance data alongside BoJ Rinban operations covering 1- to 25-year JGBs.