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A Touch Cheaper As Early Midterm Results Digested & Chinese Property Stocks Rally


E-minis nudge higher and Tsys soften a little, with a bid in Chinese property developer stocks (on the back of fresh policy support) aiding those moves.

  • In terms of domestic politics there has been a strong early showing from the Republican Party on the House side of the midterm elections.
  • If the Republicans do manage to take control of both the House and the Senate we have noted that the baseline for Treasuries would be somewhat mixed. There wouldn’t be much change in the macro configuration. But the debt limit will become a hugely contentious issue under a Republican Congress, and some brinksmanship would be expected in 2023. That’s probably priced, but the ultimate impact on Tsys is hard to gauge.
  • Cash Tsys run 1.5-3bp cheaper across the curve, with the 5- to 10-Year zone leading the weakness. TYZ2 deals off the base of its 0-07+ range, last -0-04 at 110-05.
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MNI London Bureau | +44 0203-865-3809 |

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