LOOK AHEAD: Wednesday Data Calendar: CPI, Raft of Fed Speaker
Jul-12 10:11
- US Data/Speaker Calendar (prior, estimate)
- Jul-12 0700 MBA Mortgage Applications (-4.4%, --)
- Jul-12 0830 CPI MoM (0.1%, 0.3%), YoY (4.0%, 3.1%)
- Jul-12 0830 CPI Ex Food and Energy MoM (0.4%, 0.3%), YoY (5.3%, 5.0%)
- Jul-12 0830 CPI Index NSA (304.127, 305.291)
- Jul-12 0830 CPI Core Index SA (307.824, 308.655)
- Jul-12 0830 Real Avg Weekly Earnings YoY 0.2%, --)
- Jul-12 0830 Real Avg Hourly Earning YoY (-0.6% rev, --)
- Jul-12 1130 US Tsy 17W Bill auction
- Jul-12 1300 US Tsy $32B 10Y Note auction re-open (91282CHC8)
- Jul-12 1400 Federal Reserve Releases Beige Book
- Jul-12 1400 Senate Banking Cmte Fed nominations markup
- Several Fed speakers scheduled Wednesday include: Richmond Fed Barkin (0830ET), MN Fed Kashkari (0945ET), Atlanta Fed Bostic (1300ET) and Cleveland Fed Mester (1600ET)
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EURIBOR OPTIONS: Call spread buyer
Jun-12 10:10
ERU3 96.75/97.00 cs, bought for 1 in 2.5k
STIR: SFRM3 94.7500/94.8125 Call Spread Blocked
Jun-12 10:09
SFRM3 94.7500/94.8125 call spread 2.5K lots blocked at 3.5, looks like a buyer. Delta +26%.
JAPAN: Kyodo-Gov't Could Push Back Defence Spending Tax Hike To 2025
Jun-12 10:09
Kyodo News reports that the Japanese gov't is looking at the prospect of putting off a tax increase to fund a major increase in defence spending to 2025, instead of the previous plan of the hike coming in 2024.
- Amid a general heightening of regional geopolitical tensions, PM Fumio Kishida has committed to significantly increasing Japan's defence spending to equate to 2% of GDP by 2027, matching the floor set for NATO member states.
- In December 2022, Reuters reported that according to Yoichi Miyazawa, chief of Kishida's Liberal Democratic Party's tax panel, "the tax hikes will kick in "at an appropriate time" in fiscal year 2024 or thereafter, he said, stopping short of committing to exactly when to implement the tax hike or suggesting a possible delay."
- With rumours of a snap general election continuing to swirl, the significant unpopularity of the tax increase to fund defence spending (standing at 80% in May) may have forced the gov'ts hand in delaying the implementation until after any election (due by Oct 2025 at the latest).
