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Futures Offered Early, Taking Cues From Global Trends

JGBS

The early tone to JGBs is modestly offered. We last tracked at 145.86, -.20, which is at session lows. We are still above earlier lows in the week, around 145.60.

  • JGB futures look to be taking their tone from core future moves. US Tsy futures sit at 108-19 in latest dealings, up from Thursday lows, but well off earlier highs in the week. Better EU/UK PMI data and headlines around the suspension of the German debt brake weighing on the space through Thursday trade.
  • Earlier we had slightly weaker than expected October CPI data for Japan, although the detail still looked pretty firm from a core m/m standpoint (see this link).
  • A short while ago, the preliminary PMI prints for Nov were out. Manufacturing eased to 48.1 from 48.7 prior. Services ticked higher though to 51.7 from 51.6. This left the composite reading down but still above the 50.0 expansion/contraction point.
  • In the cash JGB space, yields have opened up higher. The 10yr to 0.75%, around +2.5bps. We are seeing similar yield gains across the 5-30yr tenors. For the 10yr swap we up 2bps to 0.95%.
  • Still to come is the 3 month bill auction, along with the enhanced liquidity auction as well.
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