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Bonds Weaker, Focus on ISMs, Geopol Risks: Pelosi's Asia Tour

US TSYS
Tsy futures trading steady/mixed in the lead-up to the NY open, inside overnight range with short end outperforming, bonds weaker (30YY 3.0146 +.0049). Very light overnight volumes to kick off new week, TYU2<225k at the moment.
  • Muted knock-on react to sub-50 PMIs for Italy, France, Germany, Eurozone in early London trade, focus turns to US data at midmorning:
  • S&P Global US Manufacturing PMI (52.3 est) at 0945ET followed by Construction Spending MoM (0.3% est) and ISMs at 1000ET: Mfg (52.0 est) Prices Paid (73.5 est), New Orders (49.0 est), Employment (48.2 est).
  • No scheduled Fed speakers at the moment does not preclude pop-up speaker interviews, op-eds (MN Fed Kashkari late Fri: "we are a long way away from" getting "inflation back down to 2 percent".
  • No immediate react to CNN headline that US House speaker Pelosi "expected to visit Taiwan" on her whirlwind tour of Indo-Pacific countries: Malaysia, Japan, South Korea.
  • Cross assets: spot Gold +6.50 at 1772.44, Crude weaker WTI -1.52 at 97.10, stocks weaker but off overnight lows: ESU2 -10.00 at 4123.50 after climbing to highest levels since June 9 last Fri. Earnings resume while most anncd after todays close.
  • Currently, 2-Yr yield is up 1.4bps at 2.8985%, 5-Yr is up 1.3bps at 2.6894%, 10-Yr is up 1.1bps at 2.6595%, and 30-Yr is up 1.5bps at 3.0244%.
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