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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.
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Free AccessMNI ASIA OPEN: Weak 30Y Reopen, ECB Forward Guidance Weighing
MNI ASIA MARKETS ANALYSIS: Tsys Reverse Early Data Driven Gain
MNI US Inflation Insight: Softer Housing Helps Ensure Dec Cut
Cheaper Across The Curve, BOJ Policy Decision Next Tuesday
JGB futures are holding cheaper, -38 compared to the settlement levels, and marginally above the session’s worst level.
- There hasn’t been much in the way of domestic drivers to flag, outside of the previously outlined Flash Jibun Bank PMIs. The Tertiary Industry Index has recently printed -0.8% m/m in October versus a +0.1% estimate and a revised -1.2% prior.
- Cash US tsys are sitting 3bps cheaper so far in the Asia-Pac session, with local participants possibly profit-taking following an assertive post-FOMC rally. Considering that the US STIR market has priced 130bps of easing by November 2024, compared to the dot plot median easing of 75bps for 2024, a cautious view towards the near-term outlook for the market probably makes sense.
- Cash JGBs are cheaper, with the futures-linked 7-year (3.5bps higher) underperforming. The benchmark 10-year yield is 2.7bps higher at 0.701%. The 20-year is 3.4bps higher at 1.437% versus yesterday’s pre-auction low of 1.36%.
- Swap rates are 1-4bps higher across maturities.
- On Monday, the local calendar is empty, ahead of the BOJ Policy Decision on Tuesday. While certain investors interpreted recent statements from BOJ officials as a sign of an imminent policy shift, we are inclined to view it as a step in the extended process of preparing for a seamless transition.
- The BOJ will also conduct Rinban operations covering 1- to 25-year JGBs on Monday.
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Why MNI
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