LOOK AHEAD: UK Timeline of Key Events (Times BST)
Jun-13 05:23
| Date | UK | Period | Event |
| 14-Jun | 0930 | May | Bank of England/Ipsos Inflation Attitudes Survey |
| 19-Jun | 0001 | May | Brightmine pay deals for whole economy |
| 19-Jun | 0700 | May | Consumer inflation report / Producer Prices |
| 20-Jun | 1200 | Bank Of England Interest Rate | |
| 20-Jun | 2000 | Question Time Leaders' Special | |
| 21-Jun | 0001 | Jun | Gfk Monthly Consumer Confidence |
| 21-Jun | 0700 | May | Retail Sales / Public Sector Finances |
| 21-Jun | 0930 | Jun | S&P Global Flash PMI |
| 21-Jun | 1630 | BoE APF Sales Schedule for Q3 | |
| 24-Jun | 1100 | Jun | CBI Industrial Trends |
| 26-Jun | 1100 | Jun | CBI Distributive Trades |
| 26-Jun | 2100 | BBC Leaders Head-to-Head debate | |
| 28-Jun | 0700 | Q1 | GDP Second Estimate |
| 28-Jun | 0700 | Q1 | Quarterly current account balance |
| 01-Jul | 0930 | May | BOE M4 / Lending to Individuals |
| 01-Jul | 0930 | Jun | S&P Global/ CIPS UK Final Manufacturing PMI |
| 02-Jul | 0001 | Jun | BRC Monthly Shop Price Index |
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LOOK AHEAD: Eurozone Timeline of Key Events (Times BST)
May-14 05:18
| Date | Time | Country | Event |
| 14-May | 700 | DE | HICP (f) |
| 14-May | 800 | ES | HICP (f) |
| 14-May | 800 | EU | ECB's De Guindos participates in ECOFIN meeting |
| 14-May | 1000 | DE | ZEW Current Conditions/Expectations Index |
| 14-May | 1415 | EU | ECB's Schnabel speech at scientific conference |
| 15-May | 745 | FR | HICP (f) |
| 15-May | 1000 | EU | Industrial Production/ GDP (p) |
| 16-May | 900 | IT | Italy Final HICP |
| 17-May | 820 | EU | ECB's De Guindos at Banking Sector Industry Meeting |
| 17-May | 1000 | EU | HICP (f) |
| 20-May | 700 | DE | PPI |
| 21-May | 900 | EU | EZ Current Account |
| 21-May | 1000 | EU | Construction Production / Trade Balance |
| 23-May | 815 | FR | S&P Global Flash PMI (p) |
| 23-May | 830 | DE | S&P Global Flash PMI (p) |
| 23-May | 900 | EU | S&P Global Flash PMI (p) |
US TSYS: Tsys Futures Steady, Ranges Tight & Volumes Low Ahead Of PPI and Powell
May-14 05:15
- It has been a very quiet session for US treasuries here in Asia, ranges have been tight and volumes on the low side ahead of US PPI later today. The 2Y in unchanged at 101-21, while the 10Y is down (- 01) at 108-25+.
- Japan's 20 year yield has risen to 1.755% the highest level since 2013 on speculation the central bank will reduce bond buying again.
- Cash Treasury curve is slightly steeper today, yields are flat to 1bp lower, with the 2Y yield -0.9bp at 4.853%, 10Y -0.2 at 4.485%. 2y10y is +0.868 at -37.025
- Fed Funds implied rates show 1.5bp of cuts for June, 20bp for Sept and 41bp for Dec.
- Looking Ahead: PPI inflation and Chair Powell speaking at an event with ECB’s Knot before focus shifts firmly to Wednesday’s CPI.
AUSSIE BONDS: ACGBs Steady, Curve Steepens Ahead Of Federal Budget Later
May-14 04:56
ACGBs (YM +1.0 & XM -1.0) are mixed today with the curve steepening as we await the Australian Federal Budget, due out after the close today. Earlier, we had the 1.25% 21 Aug 2040 linker auction, with coverage ratio of 2.8267 with 44 bid for 22 successful.
- Cross-asset moves: US equities futures have edged lower throughout the day, while the local equity market is off 0.40%, G10 currencies have been relatively stable, while Iron Ore was is down 1% at $116.15/ton.
- US treasury futures are little changed today with the 10y contract trading at 108-25+, while the 2Y is trading at 101-21, cash treasury curve is slightly steeper with the 2y10y +0.859 at -37.035
- The ACGB curve is slightly steeper today, yields are 1.5bps lower to 1bp higher, the 2y10y +1.970 at 31.600, while the AU-US 10-year yield differential is 0.5bp higher now -15.5bps
- Swap rates are 1bps lower
- The bills strip is slightly richer up 1-2bps
- RBA-dated OIS implied rate now pricing 3-4bps lower into the November meeting, market has softened a touch and is now pricing 7bps of easing into year-end to a terminal rate of 4.28%
- Today, Federal Budget will be handed down after the close today
