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MNI China Daily Summary: Friday, March 31

MNI BRIEF: BOJ Widens Band of JGB Buying Operations In Q2

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Services Inflation Boosts Core HICP to Fresh High

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Bear Flattening Ahead Of ECB Decision Adding To The Mix

US TSYS
BulletMarketsFixed Income NewsHomepageEuropean Central Bank (ECB) Market News
  • Cash Tsys have seen a bear flattening as front yields climb in a trend continuation of yesterday’s paring of gains, helped by Swiss authorities first holding talks to stabilize Credit Suisse which have led to CS tapping the SNB for as much as CHF 50B. Further banking stress clearly in focus but today’s ECB decision is also closely watched although the US clocks change sees it land at 0915ET after a barrage of second tier 0830ET data.
  • 2YY +12.4bps at 4.011%, 5YY +3.6bps at 3.585%, 10YY +2.2bps at 3.477% and 30YY +0.5bps at 3.648%.
  • TYM3 trades just half a tick lower at 115-03+ on still high cumulative volumes of 530k but lower than the past few sessions for time of day. It remains within yesterday’s range, high 115-31 and low 113-08+ which now form initial technical levels.
  • Data: Weekly initial jobless claims are watched after last week’s rise was the largest (and only second) upside surprise this year, building permits for Feb, Philly Fed mfg index for Mar after yesterday’s drop in the volatile Empire survey and further input price pressure indications from import prices for Feb.
  • Bill issuance: US Tsy $60B 4W, $50B 8W bill auctions (1130ET).
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  • Cash Tsys have seen a bear flattening as front yields climb in a trend continuation of yesterday’s paring of gains, helped by Swiss authorities first holding talks to stabilize Credit Suisse which have led to CS tapping the SNB for as much as CHF 50B. Further banking stress clearly in focus but today’s ECB decision is also closely watched although the US clocks change sees it land at 0915ET after a barrage of second tier 0830ET data.
  • 2YY +12.4bps at 4.011%, 5YY +3.6bps at 3.585%, 10YY +2.2bps at 3.477% and 30YY +0.5bps at 3.648%.
  • TYM3 trades just half a tick lower at 115-03+ on still high cumulative volumes of 530k but lower than the past few sessions for time of day. It remains within yesterday’s range, high 115-31 and low 113-08+ which now form initial technical levels.
  • Data: Weekly initial jobless claims are watched after last week’s rise was the largest (and only second) upside surprise this year, building permits for Feb, Philly Fed mfg index for Mar after yesterday’s drop in the volatile Empire survey and further input price pressure indications from import prices for Feb.
  • Bill issuance: US Tsy $60B 4W, $50B 8W bill auctions (1130ET).