MNI China Daily Summary: Monday, November 25

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BONDS: Fresh Demand

BONDS
BulletMarketsFixed Income Bullets

Bonds have moved away from session lows, NY reaction to Trump nominating Bessent for Tsy Secretary a likely driver here. 

  • No obvious headlines to generate the moves, which come alongside a move away from session lows in European equities and some pressure in the USD.
  • Recovery from European equity lows allows EGBs to move off session wides vs. Bunds.
  • OATs threatened to register a fresh cycle closing wide, given continued political and fiscal risks in France.
  • EGB spreads to Bunds now back to little changed on the day.
  • Tsys still the global outperformer, narrowing by 5.5bp vs. Bunds on the day. (feedthrough of Bessent’s policy preferences dominates there).
  • Gilts 2bp tighter to Bunds, owing to higher beta to U.S. Tsys.
  • TY & gilt futures register fresh session highs.
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Bonds have moved away from session lows, NY reaction to Trump nominating Bessent for Tsy Secretary a likely driver here. 

  • No obvious headlines to generate the moves, which come alongside a move away from session lows in European equities and some pressure in the USD.
  • Recovery from European equity lows allows EGBs to move off session wides vs. Bunds.
  • OATs threatened to register a fresh cycle closing wide, given continued political and fiscal risks in France.
  • EGB spreads to Bunds now back to little changed on the day.
  • Tsys still the global outperformer, narrowing by 5.5bp vs. Bunds on the day. (feedthrough of Bessent’s policy preferences dominates there).
  • Gilts 2bp tighter to Bunds, owing to higher beta to U.S. Tsys.
  • TY & gilt futures register fresh session highs.