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JGB TECHS

(M2) Correction Extends

US STOCKS

Late Session Rebound

AUSSIE 10-YEAR TECHS

(M2) Corrective Cycle Remains In Play

AUSSIE 3-YEAR TECHS

(M2) Gains Still Considered Corrective

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AUSSIE BONDS
AUSSIE BONDS: Futures have been underpinned by U.S.-Saudi tensions and
uncertainty regarding Brexit & the Italian political situation underpinning the
space in early dealing this week after Friday's SYCOM uptick (with yields
playing catch up at the cash open today). The domestic 3-/10-Year cash yield
differential traded ~3.5bp flatter at ~64.5bp, while the AU/U.S. 10-Year yield
spread deals at -46.0p as the longer end of the AU curve outperforms.
- In an interview with the WSJ RBA's Harper noted that "doubts persist about the
resilience of Australian consumers, keeping the RBA sidelined for now. An
interest-rate increase in the near term would spook consumers at a time of soft
wage growth & falling house prices."
- On the corporate issuance front Corporacion Andina De Fomento has mandated
banks for potential kangaroo bond issuance & BFCM announced a new 5-Year A$
deal, while on the regional government front WATC is to conduct a tender of its
existing 2028 benchmark Bond on October 16.
- Immediate focus falls of the minutes from the RBA's most recent MonPol
decision, due tomorrow, with the domestic labour market report due Thursday.
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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