HUNGARY: Orban to Detail Economic Plans at Weekend SONA
* Speaking on public radio ahead of the open, PM Orban stated that Hungary is putting all its card...
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GILTS: Bid In Bunds Offsets Higher-Than-Expected PSNB
Gilts little changed early today, with spill over from a bid in Bunds countering the higher-than-expected UK PSNB reading.
- Futures +3 at 92.26, 92.12-26 range.
- Yields flat across the curve.
- 10-Year spread to Bunds 1bp wider on the day, last ~209bp.
- Strong demand at yesterday’s syndicated tap of the Jan-40 gilt and GEMM preferences to reduce duration of supply in FY25/26 resulted in the first sub-210bp close for the spread since November on Tuesday.
- Chancellor Reeves’ early morning comments to BBG failed to offer anything new. She will speak to CEOs later in the day.
- SONIA futures off lows as core global FI stabilises, last flat to +1.5.
- BoE-dated OIS shows 65bp of cuts through year-end.
- Little else of note on the UK calendar.
SCHATZ: Swap related trade
Schatz Swap related trade, suggest receiver.
- DUH5 ~10.5k at 106.64.
GLOBAL POLITICAL RISK: WEF Speakers Inc. ECB Pres, Spanish PM, German Econ Min
The World Economic Forum annual meeting continues in Davos, Switzerland. Notable speakers today include Malaysian PM Anwar Ibrahim (0415ET/0915GMT/1015CET), UN Secretary-General Antonio Guterres (0530ET/1030GMT/1130CET), Dutch PM Dick Schoof (0715ET/1215GMT/1315CET), Iranian Vice-President for Strategic Affairs Javad Zarif (0730ET/1230GMT/1330CET), Spanish PM Pedro Sanchez (0945ET/1445GMT/1545CET), and ECB President Christina Lagarde and German Economy Minister Robert Habeck (1015ET/1515GMT/1615CET).
