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BONDS

Some reassuring signals surrounding the Omicron coronavirus variant have applied a degree of pressure to core FI (we have outlined those developments in previous bullets). The dust after Friday risk rout has settled and focus has turned to some net positive reports, despite a fair amount of uncertainty ahead and a raft of fresh restrictions on travel implemented during the weekend.

  • Risk stabilisation sent T-Notes lower at the reopen, with the contract last seen -0-11+ at 130.26. Cash U.S. Tsy yields have climbed across the curve, they last sit +3.7-6.8bp as the belly underperforms. Eurodollars run unch. to 5.5 ticks lower through the reds. The local data docket is fairly empty today, but speeches are due from Fed's Powell, Williams & Bowman.
  • JGB futures have edged higher as local participants played catch-up with market developments from after hours Friday. The contract trades at 151.75, 3 ticks above previous settlement. Cash JGB yields operate marginally above neutral levels. Japan's retail sales posted the second monthly increase in a row. The BoJ conducted Rinban operations covering 3-10 Year JGBs.
  • Cash ACGB curve has twist steepened, with yields last seen -3.2bp to +1.8bp as we type. Futures have retreated, YM trades +2.0 & XM -1.5. Bills trade unch. to +2 ticks through the reds. Australia's company operating profit beat expectations, but inventories unexpectedly shrank in Q3. The RBA offered to buy A$1.6bn of ACGBs with maturities of Apr '24 to Nov '28, but excluding ACGB Apr '24.
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