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FI Extending Lows for Wk, Sovereigns Wider

US TSYS
Tsys trading weaker, middle of overnight range and lows for the week, extending late Wed month-end price action with 30YY tapping 3.3175%.
  • Yield curves managing to steepen (2s10s +1.178 at -29.262) despite selling across the board as hawkish expectations of ECB 75bp hike next week filter through to US.
  • Sovereign spds inching wider, 10Y German Bunds vs. Italy (appr 236.5) widening on combination of ECB hike and political risk ahead the Sep 25 election; Greece vs. Bunds (appr 260.0bp) extending overnight wides at the moment as well.
  • Flurry of upcoming data at 0830ET
    • Initial Jobless Claims (243k, 247k)
    • Continuing Claims (1.415M, 1.440M)
    • Nonfarm Productivity (-4.6%, -4.3%)
    • Unit Labor Costs (10.8%, 10.6%) followed by
    • S&P Global US Manufacturing PMI (51.3, 51.3) at 0945ET
    • ISMs at 1000ET: Construction Spending MoM (-1.1%, -0.3%), Mfg (52.8, 51.9), Prices Paid (60.0, 55.5), New Orders (48.0, --), Employment (49.9, --)
  • Lead-up to Friday's NFP read for August +298k est vs. +528k prior.
  • Currently, 2-Yr yield is down 0.6bps at 3.4871%, 5-Yr is down 1bps at 3.3406%, 10-Yr is up 0.6bps at 3.1984%, and 30-Yr is up 2.1bps at 3.3132%.
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