UK Macro Daily(Beta Mode)
Oil Dip Amid UK Data
| Prior Close | ||
|---|---|---|
| Asset | Level | Days Change |
| S&P 500 | 6,944.82 | +0.62% |
| FTSE 100 | 10,048.21 | -0.74% |
| UK Natural Gas | 3.35 | -4.91% |
| 2 Year Gilt | 3.68 | -1 bps |
| 10 Year Gilt | 4.42 | -6 bps |
| GBP/USD | 1.345 | -0.07% |
| GBP/EUR | 1.15 | -0.03% |
| GBP/JPY | 210.65 | -0.20% |
| Brent Oil | 60.70 | -1.72% |
| Gold ($) | 4,482.20 | +1.02% |
| Bitcoin ($) | 90,149.65 | -1.24% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| S&P Global Constr PMI | 39.40 | 42.50 | 40.10 |
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| Halifax House Pr Index m/m | 0 | 0.20 | 07:00 |
| Halifax House Pr Index y/y | 0.70 | 1.10 | 07:00 |
- Construction PMI beat consensus at 40.1, signaling ongoing sector contraction despite slight improvement from prior lows.
- Venezuela oil deal pressured Brent prices lower, easing supply fears but highlighting geopolitical supply risks.
- BoE cut cycle continues neutrally, with markets pricing modest further easing amid labor and inflation data.
Yesterday's Recap
UK construction sector contracted further, with PMI rising to 40.1 from 39.4 but missing consensus of 42.5, driven by subdued new orders and output.
Markets showed mixed volatility, with FTSE 100 falling 0.74% to 10048.21 in a larger-than-normal decline amid profit-taking in energy stocks following Venezuela oil developments.
Gilt yields edged lower, 10-year at 4.42% down 6bps, while GBP/USD dipped 0.07% to 1.345.
Brent oil declined 1.72% to 60.70, extending losses from the Venezuela deal, while gold rose 1.02% to 4482.20.
The Day Ahead
Halifax House Price Index m/m at 07:00 expected at 0.2%, versus previous 0, may reveal housing momentum amid cooling demand.
Halifax y/y at 07:00 consensus 1.1% versus prior 0.7%, could influence Gilt yields if inflation pressures persist.
No BoE speeches scheduled, but data may tilt cut expectations if housing softens further.
Other Economic Notes
UK carbon capture funding advances economic transition toward net zero, boosting green investment.
Brexit impacts linger in services trade, pressuring export growth amid EU relations.
