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The United Kingdom’s gilts jumped during European session Monday following a contraction in the country’s manufacturing PMI for the month of May, released, early today. Investors remain keen to watch the construction PMI for the similar period and the 5-year auction, both scheduled for June 4 by 08:30GMT and 09:45GMT respectively for some additional direction in the debt market.
The yield on the benchmark 10-year gilts, slumped nearly 3 basis points to 0.860 percent, the super-long 30-year bond yields plunged 4 basis points to 1.450 percent and the yield on the short-term 2-year traded 2 basis points lower at 0.582 percent by 10:05GMT.
The UK manufacturing sector showed increased signs of renewed contraction in May. At 49.4, down sharply from 53.1 in April, the headline seasonally adjusted IHS Markit/CIPS Purchasing Managers’ Index (PMI) fell below the neutral 50.0 benchmark for the first time since July 2016.
Focus in the UK this week will no doubt remain on politics as Theresa May enters her final week as UK Prime Minister. But the start of the week will also bring a number of releases, with the manufacturing, construction and services PMIs due today, tomorrow and Wednesday respectively, Daiwa Capital Markets reported.
This week will also provide an update on consumer spending this month, with the BRC retail sales monitor due tomorrow and new car registration figures due Wednesday. Elsewhere, BoE Governor Carney is scheduled to speak in Tokyo on Thursday, while MPC member Ramsden will speak in London on Wednesday. In the markets, the DMO will sell 5Y Gilts tomorrow, the report added.
Meanwhile, the FTSE 100 remained 0.39 percent up at 7,134.75 by 10:10GMT, while at 10:00GMT, the FxWirePro's Hourly Pound Strength Index remained slightly bearish at -92.03 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
