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Contagion From China Puts Bid Into U.S. Tsys

US TSYS

Core FI caught a fresh bid as Chinese equity benchmarks tumbled. Markets assessed the revamped line-up of Chinese Communist Party leadership, as well as delated data including Q3 GDP and September economic activity indicators. The data were a mixed bag, as China's economy expanded at a faster than expected clip and industrial output grew more than forecast, but retail sales underwhelmed, unemployment ticked higher and new home prices extended decline.

  • T-Notes struggled to make much headway beyond last Friday's high before the spillover from Chinese markets spoiled the mood. TYZ2 advanced, printed a session peak at 110-06+ and stabilised. The contract last deals +0-10+ at 110-03+. Eurodollars run up to +8.0 ticks through the reds.
  • The yield curve shifted lower in cash Tokyo trade. When this is being typed, U.S. Tsy yields sit 3.8-5.9bp lower, with belly outperforming.
  • E-minis are close to erasing their initial gains, albeit all three still operate in the green.
  • Flash readings of S&P Global PMIs & Chicago Fed Nat Activity Index headline the domestic data docket today.
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