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Cheaper With US Tsys, Light Local Calendar

JGBS

In post-Tokyo trade, JGB futures are weaker, closing -32 compared to settlement levels, after US tsys finished 3-5 bps cheaper across the major benchmarks. US tsys opened the NY session on a weaker note, briefly firmed after higher-than-expected Initial Jobless Claims (218k vs. 210k est, 206k prior revised), before re-weakening following a weak 7-year tsy auction.

  • The S&P 500 came within 4 points of its record high in early trading before paring its advance and finishing the day 0.04% higher. The NASDAQ was off -0.03%. The DXY recovered from 4 days of losses.
  • Gold prices slid 0.6% on the back of a rise in bond yields, some unwinding of haven flows and a firmer dollar.
  • There is a thin docket in Asia today. Further out, MNI’s Chicago PMI concludes the global data slate for 2023.
  • A reminder that Japanese markets are closed Monday, Tuesday, and Wednesday next week.
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