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Core FI Shrugs Off Weekend Vaccine Headlines

BOND SUMMARY

T-Notes have edged higher and peeked above Friday's highs. The contract last trades +0-01 at 139-20, even as e-minis have firmed up from the off. Broader news flow has been fairly limited so far, with some positive musings re: Covid-19 vaccine garnering some attention over the weekend. Little movement in cash Tsy yields at the re-open, they mostly sit just shy of neutral levels. Eurodollar futures trade unch. to -0.5 tick through the reds.

  • JGB futures kicked off with a downtick, but has pushed higher since and last deals at 151.97, 5 ticks above settlement. Cash JGB yields generally sit slightly lower, with 2s outperforming. The BoJ left its Rinban purchase sizes unchanged today, focus moves to final industrial output figures for the month of Jul. Elsewhere, the ruling LDP party will appoint its new leader today and Chief Cabinet Secretary Suga seems all but certain to win.
  • Down under, Aussie bond futures have crept higher; YMZ0 +1.4 & XMZ0 +3.5 as we type. Cash ACGB curve has bull flattened, yields last sit 0.6-3.5bp lower. Bills trade unch. to +1 tick through the reds. The RBA refrained from ACGB purchases today. An empty local docket leaves the focus on headline/market flow.
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