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External headline flow drove JGB markets.......>

JGBS
JGBS: External headline flow drove JGB markets today, with futures trading 2
ticks lower ahead of the close, after a choppy but contained Tokyo session.
- The curve has twist flattened, with 20+ Year paper holding up despite the
headline noise, potentially aided by foreign swap flows, observed via the
pullback in the 30-Year JSCC/LCH Clearnet spread, which has retraced from
5-month highs over recent sessions.
- Flash PMI and national CPI data headline the local docket on Friday. Also
worth flagging that monthly department store sales for October may get more
attention than usual, given that it will be the first major retail figure
released which can be used to gauge the effect of the sales tax hike.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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