CHINA PBOC CONDUCTS CNY251.67 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1346 WEDS VS 7.1364

MNI BRIEF: Japan June Factory Output Drops On Weaker Autos

MNI CNB WATCH: Fine-Tuning Set To Start, But 50Bps 'In Play'

MNI China Daily Summary: Tuesday, July 30

MNI BRIEF: China To Step Up Macroeconomic Policies - Politburo

CHINA JUL MANUFACTURING PMI 49.4 VS 49.5 IN JUN

MNI: AUSTRALIA MONTHLY JUN CPI 0.4% MM, 3.9% YY

MNI: AUSTRALIA JUN RETAIL SALES +0.5% M/M

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Early Risk Appetite Fades

US TSYS SUMMARY
Rates bounced off early weakness to new session highs by midday as equities steadily reversed gains into the close.
  • Decent jump in volumes: (TYH>1.15M after the bell), early surge as futures sell-off, long end leading move (10Y B/E rate 2Y high at 2.0025%; 10YY +.0317 at 0.9448%; 30YY +.0355 at 1.6804%). No obvious driver on early rate sales, potential unwind of extension trades going into year end, participants eager to get 2021 underway.
  • Steady risk-on unwind followed as equities came under consistent sell pressure all day: likely combination of position squaring ahead GA run-offs Tuesday, political sideshow Wednesday w/electoral vote count; ongoing angst over Covid lockdown measures w/UK PM Johnson calling for national lockdown starting Tuesday.
  • More practical position squaring ahead Friday's Dec employ data (+62k est vs. +245k prior).
  • Jump in corporate issuance after weeks of inaction, over $27B issuance spurred deal-tied hedging in second half.
  • The 2-Yr yield is down 0.8bps at 0.1132%, 5-Yr is down 1bps at 0.3513%, 10-Yr is unchanged at 0.9132%, and 30-Yr is up 0.7bps at 1.6522%.
BulletMarketsFixed Income Bullets
BulletMarketsFixed Income Bullets

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.