MNI China Daily Summary: Friday, April 26

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Futures Holding Richer, Light Local Calendar, Watching Geopolitics

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In Tokyo morning trade, JGB futures are stronger, +22 compared to settlement levels, after reversing early weakness sparked by the weaker re-opening by US tsy futures today.

  • US tsy futures (TYM4) is still weaker in Asia-Pac trading today, although off session cheaps.
  • Cash US tsys are dealing little changed after Iran’s military launched drones and missiles against Israel over the weekend.
  • Machinery Orders, excluding shipbuilding and utilities, rose 7.7% in February from January, seasonally adjusted.
  • (Bloomberg) -- The Japan 2-year to 10-year yield curve will flatten to 53 basis points by the end of the second quarter, from the current 58 basis points, based on Bloomberg surveys of market forecasts. (See link)
  • Cash JGBs are richer across the curve, with yields flat to 1.3bps lower. The benchmark 10-year yield is 0.7bp lower at 0.848% versus the YTD high of 0.871%, set last week.
  • The swaps curve has twist-steepened, with rate moves bounded by +/- 3bps. Swap spreads are mixed, but wider beyond the 10-year.
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In Tokyo morning trade, JGB futures are stronger, +22 compared to settlement levels, after reversing early weakness sparked by the weaker re-opening by US tsy futures today.

  • US tsy futures (TYM4) is still weaker in Asia-Pac trading today, although off session cheaps.
  • Cash US tsys are dealing little changed after Iran’s military launched drones and missiles against Israel over the weekend.
  • Machinery Orders, excluding shipbuilding and utilities, rose 7.7% in February from January, seasonally adjusted.
  • (Bloomberg) -- The Japan 2-year to 10-year yield curve will flatten to 53 basis points by the end of the second quarter, from the current 58 basis points, based on Bloomberg surveys of market forecasts. (See link)
  • Cash JGBs are richer across the curve, with yields flat to 1.3bps lower. The benchmark 10-year yield is 0.7bp lower at 0.848% versus the YTD high of 0.871%, set last week.
  • The swaps curve has twist-steepened, with rate moves bounded by +/- 3bps. Swap spreads are mixed, but wider beyond the 10-year.