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Futures Holding Weaker In Early Afternoon Dealings

JGBS

In early afternoon trading, JGB futures are holding weaker, -17 compared to the settlement levels.

  • Outside of the previously outlined Cash Earnings, Trade Balance and Bank Lending data, there hasn't been much in the way of domestic drivers to flag.
  • Cash US tsys are 1-2bps cheaper in today's Asia-Pac session after Friday’s strong post-Payrolls rally. It may reflect some profit-taking along with a reaction to yesterday’s French election result and news on the PBoC bond purchases.
  • The PBoC will carry out temporary bond repurchase or reverse repurchase operations depending on the market situation during working days between 16:00 and 16:20.
  • Cash JGBs are flat to 1bp cheaper, with the 5-7-year zone underperforming.
  • The swaps curve has bear-steepened, with rates 1-2bps higher. Swap spreads are wider.
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