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EQUITIES

Deeper in the red going into the EU cash open

GILTS

Gilts opening calls

GBP

Cable test session low

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T-Notes print unchanged at 133-12+ after the contract finished lower but off worst levels on Wednesday, as it held within the confines of Tuesday's range.

  • Early trade saw the 5-/30-Year yield spread move to the flattest levels witnessed since August '20, aided by an FV/WN block flattener in Asia-Pac hours, before an uptick in U.S. equity markets, buoyant crude oil prices, an unexpected, notable uptick in the Empire manufacturing survey and a TY block sale (which appeared to be cross market vs. Bund futures) helped the space to finish lower on the day. Benchmark Tsys were little changed to ~1.5bp cheaper come the bell, with the belly leading the weakness. $IG issuance continued to tick over at a healthy rate.
  • The monthly Australian labour market report and Q2 NZ GDP data headline the docket during Asia-Pac hours, with Thursday's NY session set to bring retail sales data for August, the latest round of weekly jobless claims figures and the monthly regional survey from the Philadelphia Fed.