MNI China Daily Summary: Thursday, March 13

MNI BRIEF: China Has Been In Communication With U.S. On Trade

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MNI: US JOBLESS CLAIMS -2K TO 220K IN MAR 08 WK

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

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US TSYS: 2Y Yields Testing 4% Again Ahead Of PPI and Claims

US TSYS
USBulletMarketsFixed Income BulletsNorth America
  • Treasuries are touching session lows across the board, dragged by EGBs with Italian/Greek supply weighing and equities recovering.
  • The chance of a government shutdown on Saturday increased after Senate Minority Leader Chuck Schumer (D-NY) said Democrat senators should withhold their votes from the full-year funding measure that passed the House of Representatives this week.
  • Today’s data focus is firmly on PCE-relevant PPI details and jobless claims, although expect continued attentiveness to political headlines around the Trump administration’s sensitivity to a lower growth outlook.
  • Cash yields are 1-2.5bp higher across the curve, with the front-end lagging as 2s currently test 4% having peaked for the week at 4.0011% after yesterday’s CPI. They were as low as 3.825% late Mon/early Tue depending on your timezone.
  • TYM5 has recently touched session lows of 110-17+ (-03) as it nears the post-CPI low of 110-15+, on reasonable overnight volumes of 340k.
  • This low in turn stopped short of support at 110-12+ (Mar 6 low) but the trend needle points north with resistance at 111-25 (Mar 11 high) before 112-01 (Mar 4 high).
  • Data: PPI Feb (0830ET), Weekly jobless claims (0830ET), Household net worth Q4 (1200ET)
  • Coupon issuance: US Tsy $22B 30Y Bond auction reopen - 912810UG1 (1300ET)
  • Bill issuance: US Tsy $75B 4W & 8W bill auctions (1130ET)

 

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  • Treasuries are touching session lows across the board, dragged by EGBs with Italian/Greek supply weighing and equities recovering.
  • The chance of a government shutdown on Saturday increased after Senate Minority Leader Chuck Schumer (D-NY) said Democrat senators should withhold their votes from the full-year funding measure that passed the House of Representatives this week.
  • Today’s data focus is firmly on PCE-relevant PPI details and jobless claims, although expect continued attentiveness to political headlines around the Trump administration’s sensitivity to a lower growth outlook.
  • Cash yields are 1-2.5bp higher across the curve, with the front-end lagging as 2s currently test 4% having peaked for the week at 4.0011% after yesterday’s CPI. They were as low as 3.825% late Mon/early Tue depending on your timezone.
  • TYM5 has recently touched session lows of 110-17+ (-03) as it nears the post-CPI low of 110-15+, on reasonable overnight volumes of 340k.
  • This low in turn stopped short of support at 110-12+ (Mar 6 low) but the trend needle points north with resistance at 111-25 (Mar 11 high) before 112-01 (Mar 4 high).
  • Data: PPI Feb (0830ET), Weekly jobless claims (0830ET), Household net worth Q4 (1200ET)
  • Coupon issuance: US Tsy $22B 30Y Bond auction reopen - 912810UG1 (1300ET)
  • Bill issuance: US Tsy $75B 4W & 8W bill auctions (1130ET)