FRANCE T-BILL AUCTION PREVIEW: On offer next week
Mar-07 10:05
France has announced it will be looking to sell up to a combined E8.0bln of the following at its auction next Monday, March 10:
- E2.8-3.2bln of the 13-week Jun 12, 2025 BTF
- E0.6-1.0bln of the 14-week Sep 24, 2025 BTF
- E1.5-1.9bln of the new 28-week Sep 24, 2025 BTF
- E1.5-1.9bln of the 50-week Feb 25, 2026 BTF
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GILT AUCTION RESULTS: 1.50% Jul-53 Green Gilt
Feb-05 10:03
| 1.50% Jul-53 Green Gilt | Previous | |
| Amount | GBP2.00bln | GBP2.25bln |
| Avg yield | 4.976% | 4.831% |
| Bid-to-cover | 3.20x | 3.15x |
| Tail | 0.3bp | 0.5bp |
| Avg price | 47.369 | 48.532 |
| Low price | 47.342 | 48.483 |
| Pre-auction mid | 47.332 | 48.450 |
| Previous date | 31-Oct-24 |
MNI: EUROZONE DEC PPI +0.4% M/M, +0% Y/Y
Feb-05 10:00
- MNI: EUROZONE DEC PPI +0.4% M/M, +0% Y/Y
EUROZONE DATA: PPI Y/Y Slightly Higher Than Expected As Energy Base Effects Fade
Feb-05 10:00
Eurozone PPI in December was stable at 0.0% Y/Y, making it marginally above expectations (-0.1% consensus, -1.2% prior). This is the first non-deflationary print since April 2023 driven by energy base effects working their way out of the Y/Y figure. Note that excluding energy the PPI index has remained unchanged since September 2024, whereas including energy it has been increasing.
- Three of the five sub-components saw Y/Y pickups, and the remaining two remained stable.
- Energy producer prices fell at a softer pace of 1.7% Y/Y (vs -5.1% in Nov and -11.2% in Oct).
- Intermediate goods rose a marginal 0.1% Y/Y (vs a decline of 0.3% in Nov).
- Capital goods and non-durable consumer goods sustained their November pace of increase of 1.4% Y/Y and 2.0% Y/Y.
- On a sequential basis, PPI was touch softer than expected at 0.4% M/M (vs 0.5% consensus, 1.7% revised prior from 1.6%).
