MNI BRIEF: China May Inject CNY1 Trln To Replenish Big Banks

MNI BRIEF: China Sees Progress On EU EV Deal

MNI: PBOC Net Drains CNY279.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Lower At 7.1894 Thurs; -1.38% Y/Y

MNI BRIEF: Bank of Korea Cuts Policy Rate to 3.00%: Press

MNI: BANK OF KOREA CUTS RATE TO 3.00%: PRESS

MNI: GERMANY NRW NOV CPI -0.3% M/M, +1.9% Y/Y

MNI: BAVARIA NOV CPI -0.2% M/M, +2.6% Y/Y

MNI: SPAIN NOV FLASH HICP +0% M/M, +2.4% Y/Y

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

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

Firmer Ahead Tuesday Data, ECB CB Forum in Sintra, Portugal

US TSYS
  • Treasury futures holding modestly firmer after the bell, near the lower half of a narrow session range - no particular headline driver for futures reversal off early session highs, however.
  • Some factors at play. however, included incoming Treasury auctions ($65B 13W, $58B 26W bill auctions, $42B 2Y Note auction -- trades through: 4.670% high yield vs. 4.680% WI), while a pick-up in high-grade corporate debt issuance could be a factor for the dip in Treasury futures amid rate lock-hedge sales.
  • Early month/quarter-end positioning also mentioned, with nascent asset allocation from Treasury futures to stocks. Underscoring this morning's retreat, the Sep'23 10Y contract trend outlook remains bearish. Recently, support at 112-29+, the May 26 / 30 low.
  • Treasury curves extend inversion this morning, 2s10s taps -104.521 low, nearing March 40+ low around -111.0. “Although the cash curves are closing in on recent troughs," Goldman Sachs analysts write the "OIS and SOFR swap curves are still some distance away. Some of this weakness is likely the result of an anticipation of heavy front-end supply, but we expect it will not remain contained to front-end swap spreads as the full extent of supply increases becomes clear.”
  • Economic data picks Tuesday: Durable Goods, Housing Metrics, Cons Confidence. While there is a dearth of scheduled Fed speakers Tuesday, attention will be on the ECB's forum on central banking in Sintra, Portugal that kicks off tonight with ECB Pres Lagarde. LINK.
BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

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.