6/10/2021 9:29:30 AM GMT
Notes/Observations
- Focus on US may CPI data with YoY expected to accelerate to 4.7%; Fed had been unified that inflation pressures were transitory.
- ECB expected to maintain its pandemic bond-buying program pace.
- ECB Staff Projections long-term inflation forecasts may well remain below the current ECB inflation objective.
- Various Nordic May inflation data eased from month-ago levels (Norway and Sweden both missed YoY consensus).
Asia:
- China PBOC Gov Yi Gang stated that he saw 2021 CPI under 2.0% (Note: compares to 3.0% official target) and expected China GDP expansion to be close to the potential growth rate.
- (SE)
- (UK)
DMO sold £2.0B in 1.25% Oct 2041 Gilts; Avg Yield: 0.987% v 0.802% prior; bid-to-cover: 2.51x v 2.22x prior; Tail: bps v 0.1bps prior
- (IT)
Italy Debt Agency (Tesoro) sold €7.0B vs. €7.0B indicated in 12-month Billsl Avg Yield: -.0454% v -0.478% prior; Bid-to-cover: 1.39x v 1.53x prior
Looking Ahead
- (EU) Daily ECB Liquidity Stats
- (CH)) Switzerland to sell 2031 and 2042 Bonds
-
- 06:00 (PT) Portugal Q4 Unemployment Rate: No est v 7.8% prior
- 06:00 (PT) Portugal Jan Final CPI M/M: No est v -0.3% prelim; Y/Y: No est v 0.3% prelim
- 06:00 (PT) Portugal Jan Final CPI EU Harmonized M/M: No est v -0.3% prelim; Y/Y: No est v 0.2% prelim
-
Hungary PM Chief Cabinet official stated that there was a chance of a budget deal at today’s EU Leader Summit as proposal for agreement contained all the guarantees that was important to us. There would not be any rule of law procedures before 2023. To find out if any of the frugal member States block the draft agreement on EU budget and Recovery Fund
-
Bank of Italy (BOI) Monthly Report `Money and Banks : Oct Gross Non-Performing Loans (NPLs) at €64.8B v €65.1B m/m
-
China Foreign Ministry spokesperson Hua Chunying announced reciprocal sanctions to target members of US Congress and revoking visa exemption treatment for US diplomatic passport holders visiting Hong Kong, Macau