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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.
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Free AccessFutures Holding Sharply Higher At the Lunch Break, 20Y Supply Results Due
At the Tokyo lunch break, JGB futures are holding richer, +51 compared to settlement levels, but sitting below the Tokyo session high.
- There hasn’t been much in the way of domestic drivers to flag, outside of the previously outlined weekly international investment flows and core machine orders. The final read of IP for October is due later today.
- Cash US tsys are 2-8bps richer, with the curve steeper, in today’s Asia-Pac session. The yield on 10-year has fallen below 4% for the first time since August.
- The cash JGB curve has bull-flattened, with yields 0.7bps to 5.5bps lower. The benchmark 10-year yield is 5.1bps lower at 0.643%.
- The 20-year is 5.3bps lower at 1.382%, showing no concession on the curve, ahead of today’s supply. Today's issuance of 20-year JGBs follows a successful November auction, but notably poor demand metrics for 10- and 30-year supply in December.
- Supporting the bid tone today is the growing optimism surrounding the BOJ’s policy outcome. A Bloomberg report on December 11 indicated that BOJ officials see little urgency in scrapping the world’s last negative interest rate this month, as they await sufficient evidence of wage growth to support sustainable inflation.
- Swaps curve has also bull-flattened, with swap spreads generally narrower.
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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.