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Early Optimism Reversed

BOND SUMMARY
  • Treasury and Bund futures have traded within yesterday's intraday range with gilts touching slightly lower levels than yesterday before moving back into yesterday's range.
  • Despite sticking to these narrow ranges, markets have been choppy this morning moving to their lows of the day shortly after headlines that MOFCOM had confirmed China and the US had agreed to hold a call in the near future. Since then, risk appetite has soured with bonds moving higher and equities lower (with little in the way of headline triggers for the reversal).
  • The highlights for markets today will be the ECB Accounts, while US weekly claims data and the August Philly Fed.
  • TY1 futures are up 0-5 today at 139-17 with 10y UST yields down -2.9bp at 0.653% and 2y yields down -0.7bp at 0.134%.
  • Bund futures are up 0.22 today at 176.79 with 10y Bund yields down -1.4bp at -0.488% and Schatz yields down -0.5bp at -0.680%.
  • Gilt futures are up 0.11 today at 137.02 with 10y yields down -1.4bp at 0.221% and 2y yields down -1.8bp at -0.48%.
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