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Free AccessASIA/US/EUROPE BD/STK RECAP: TSYS WEAK;STKS HOPE TAX BILL OK'D
US TSYS SUMMARY: US Treasuries prices open NY weaker, amid firmer equities
buoyed by speculation that the US Senate might approve the sweeping tax plan. US
VP Pence is sticking around Washington Mon, delays Mideast trip by one day in
case needed to cast a tie-breaking GOP vote in imminent US Senate tax plan vote.
- TOKYO: Treasuries pressured amid firmer Japanese stocks. However two-way flows
occurred in 5Y, 10Y notes, with misc sellers met by Japanese pension fund and
insurance portfolio buying. Mkt quiet into next Monday's Dec. 25th Christmas
holiday, and into year-end too.
- LONDON: Tsys slid more, tracking EGBs lower. Some more year-end pension
rebalancing/asset allocation flows amid thin markets/light volume. Spec account
buying in 5Y note; 5/30Y Tsy curve 0.50bp flatter on day, 2/10Y, 2/30Y mild
steepening. Traders eyed concession into 11:30am ET T-bill 3mo, 6month auctions.
- OVERNIGHT REPO: Current 2Y Tsy note tight in RP, others quiet.
- US HIGH-GRADE CORPORATES: Monday should be quiet as most issuers should be
done for the year.
EGB SUMMARY: The Mar-18 10Y Bund contract reached intra-day low 163.27 as there
was an early risk-on feel to the markets as it digested reports that the US
congress will pass a tax code overhaul with a Senate vote as early as Tuesday,
and following Portugal's two notch rating upgrade.
- The front-end of the German curve has come under the most pressure with the
2Y-5Y part of the curve around 1.8bp lower. While yield on 10Y and above are
little changed having recovered from early morning losses. Therefore, bear
flattening the yield curve with 2s10s 1.6bp flatter.
- Today's biggest performers in the EGB arena are Portuguese, Italian, Spanish
and Greek bonds. The The Bund-PGB spread has tightened by 6.7bp to 147.3bp in
wake of Fitch upgrading it from BB+ to BBB.
- There was little initial reaction to Eurozone final Nov CPI that came in
unrevised at 1.5% y/y.
GILT SUMMARY: Gilts are trading little changed in subdued volume, having
squeezed higher in the morning but then pare gains in the last hour or so
despite any new developments on Brexit or significant data releases.
- Gilt future contract opened a few ticks lower, however quickly reversed higher
in light volume as market digested weekend Brexit commentary from Pm Theresa
May, Foreign Secretary Boris Johnson and EU Chief negotiator Michel Barnier.
- May said the government is "proving the doubters wrong" with its Brexit
negotiations and that they would "not be derailed" from securing an "ambitious
deal". While Johnson said he would be penning the case for a "liberal Brexit"
and for the UK to be allowed to discuss free trade deals. However Barnier said
there was "no way" the UK will be able to get a bespoke deal with the EU.
- Brexit cabinet meets today to discuss what type of future relationship they
want with EU, while May will give an update on Brexit talks to MPs later Mon.
- Both swap spreads and breakevens are little changed so far today.
--MNI New York Bureau; tel: +1 212-669-6432; email: sheila.mullan@marketnews.com
[TOPICS: MTABLE,MNUEQ$,M$U$$$,MR$$$$,M$$FI$,MN$FI$]
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.