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Futures Consolidate After Earlier Drop, 40yr Supply On Tap Next Week

JGBS

Post the lunch time break, JGB futures have largely tracked sideways. We were last at 145.74, -.32, which is slightly above session lows of 145.66. Highs were near the open, coming in at 146.03.

  • This mirrors US Tsy futures to a large extent, with TYZ briefly breaching Thursday lows before consolidating (last 108-16+ -09+).
  • Earlier the data front delivered slightly weaker than expected Oct CPI, but with firmer m/m core trends. The manufacturing PMI softened further to 48.1, but the services PMI painted a more upbeat picture (51.7).
  • In the cash JGB space, the benchmark 10yr sits slightly below session highs in yield terms, last at 0.77% (+4.5bps). Earlier lows in the week were sub 0.70%. The 20yr yield is near 1.49%, also down slightly from session highs.
  • In the swap space, the 10yr is near 0.98%, +5bps.
  • Next week the data calendar has retail sales, and jobless rate figures as the main focus points. Q3 Capex is also out. There is BoJ speak on Wednesday and Thursday.
  • On the supply front, we have a 40yr bond sale on Tuesday.
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