UK Macro Daily(Beta Mode)
Gold Surge Fuels Safe Havens
| Prior Close | ||
|---|---|---|
| Asset | Level | Days Change |
| S&P 500 | 6,875.62 | +1.16% |
| FTSE 100 | 10,150.05 | +0.12% |
| UK Natural Gas | 4.88 | +24.78% |
| 2 Year Gilt | 3.67 | -2 bps |
| 10 Year Gilt | 4.47 | +1 bps |
| GBP/USD | 1.349 | -0.05% |
| GBP/EUR | 1.15 | -0.01% |
| GBP/JPY | 214.06 | +0.10% |
| Brent Oil | 65.24 | +0.49% |
| Gold ($) | 4,831.80 | +1.52% |
| Bitcoin ($) | 89,361.67 | -0.11% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| CBI Distributive Trades | -44 | -35 | -17 |
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| Retail Sales m/m | -0.10 | -0.10 | 07:00 |
| Retail Sales y/y | 0.60 | 1 | 07:00 |
| S&P Global Mfg PMI Flash | 50.60 | 50.70 | 09:30 |
| S&P Global Services PMI Flash | 51.40 | 51.70 | 09:30 |
| BoE Greene Speech | - | - | 09:30 |
- CBI Distributive Trades improved to -17, beating consensus and signaling resilient consumer sentiment despite global uncertainties.
- Today's Retail Sales and PMI flashes will gauge UK economic momentum ahead of BoE policy decisions.
- Gold's record highs amid geopolitical tensions pressured Sterling and highlighted flight to safe assets.
Yesterday's Recap
CBI Distributive Trades survey rose to -17 from -44, surpassing the -35 consensus and indicating stronger retail confidence amid easing inflationary pressures.
UK markets traded calmly, with FTSE 100 edging up 0.12% to 10150.05 as investors digested the data.
Gilt yields saw minor shifts, with 2-year down 2bps to 3.67% and 10-year up 1bps to 4.47%, reflecting steady demand for gilts.
Sterling held firm, with GBP/USD slipping 0.05% to 1.349 and GBP/EUR down 0.01% to 1.15.
Commodities performed modestly, with Brent oil rising 0.49% to 65.24 and gold surging 1.52% to 4831.80 on safe-haven demand.
No BoE speeches occurred, leaving focus on upcoming MPC communications.
The Day Ahead
Retail Sales m/m at 07:00 is expected at -0.1%, matching prior and y/y at 1%, up from 0.6%, to reveal consumer spending trends.
S&P Global Manufacturing PMI Flash at 09:30, consensus 50.7, may edge up from 50.6, signaling factory activity resilience.
Services PMI Flash at 09:30, forecast at 51.7 versus 51.4, will test service sector strength.
BoE Greene Speech at 09:30 could clarify views on inflation and rate cut timing amid data flows.
Other Economic Notes
UK housing market dynamics remain subdued, with ongoing price pressures from energy costs.
Labor market slack persists, as wage moderation curbs consumer confidence. (cont...)
