MNI BRIEF: Foreign Firms Content In China

MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: PBOC Sets Yuan Parity Lower At 7.1270 Fri; -0.95% Y/Y

CHINA PBOC CONDUCTS CNY358.05 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1270 FRI VS 7.1321

Unemployment Falls To 11.3% In Q2, Driven By Services

1 and 3-Year Consumer Inflation Expectations Remain Unchanged

MNI: ECB 1-YEAR CONSUMER INFLATION EXPECTATIONS 2.8%

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

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

Futures Dip Into Negative Territory, Swaps Curve Bear Steepens

JGBS

JGB futures sit at Tokyo session lows, -3 compared to settlement levels, after local participants faded strength seen in overnight trade ahead of the weekend. Assisting the move lower over the Tokyo session has been a cheapening in US tsys in Asia-Pac trade.

  • Consumer Confidence for April, just released, surprised on the upside with a print of 35.4 versus expectations of 34.5 and 33.9 in March. The data however failed to generate a significant immediate market reaction.
  • JBM3 currently sits at 148.57, sandwiched between the April trading range's top at 147.92 and the March 22 high at 149.53. Technical analysis from MNI suggests that breaking the March 22 high would signal the continuation of the uptrend.
  • Cash JGBs are trading mixed across the curve, with the 4-5-year zone outperforming. Benchmark yields are 0.4bp lower to 4.2bp higher, with the 30-40-year zone experiencing the weakest performance. The benchmark 10-year yield is 0.3bp higher at 0.397%, well below BoJ's YCC limit of 0.50%.
  • The swaps curve has bear steepened with rates 0.2-5.6bp higher. Swap spreads are wider across the curve.
  • The local calendar is light tomorrow with Monetary Base data for April as the highlight.
  • A Liquidity Enhancement Auction For OTR 1-5 Year JGBs is scheduled for tomorrow.
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.