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Futures Hold The Overnight Uptick, Stronger Than Expected Data, US Tsys Richen

JGBS

JGB futures are holding the overnight uptick in early Tokyo trade, +5 versus settlement levels, as economic data beat expectations.

  • Cash US tsys are 1-3bp richer in early Asia-Pac trade with the curve steeper.
  • Q1 capital spending came in stronger than expected, rising 11% y/y, versus 6.0% expected and 7.7% prior. The y/y pace is now back close to mid-2018 highs. The results may see some upward revisions to Q1 GDP and are consistent with Tankan results showing firms looking to invest more.
  • Other data showed company profits at 4.3% y/y, also above expectations of 0.9%, while sales were close to estimates, printing at 5.0% y/y (5.3% forecast). Jibun Bank Mfg PMI rises to Highest Level since October 2022.
  • Cash JGBs twist steepen early in the Tokyo session with yields 0.3bp lower to 0.5bp higher.
  • The benchmark 10-year yield is 0.3bp lower at 0.434%, showing no concession ahead of today’s supply.
  • The swap curve also twist steepens with rates 0.1bp lower to 1bp higher, pivoting at the 5-year zone. Swap spreads are wider across the curve.
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