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OPTIONS

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US 10YR FUTURE TECHS

‌‌(M1)‌‌ Eyeing Key Support

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Curve Flattening Into Weekend

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South Korea bond futures are still in negative territory, but have clawed back the worst of their losses. 10-year future last down 8 ticks at 129.50.

  • The contract hit session lows of 129.30 earlier on reports in the Chosun Ilbo newspaper that the government's ruling party is considering giving cash handouts to all citizens as a stimulus effort, as well as compensating SME's for losses from the shutdown.
  • The talk of further stimulus has sparked chatter of another supplementary budget which has seen long end yields rise as markets factor in increased issuance.
  • Elsewhere there were reports over the weekend that indicate that Samsung is looking to invest up $17bn in US chip production, the Kospi index is up almost 2% currently, adding extra downside pressure to Korean bonds.
  • Volume has been elevated in the past two sessions, the accompanying move lower indicates fresh short sellers.