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JGBS: Futures Sharply Stronger Overnight With US Tsys As Tech Suffers

JGBS
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In post-Tokyo trade, JGB futures closed sharply higher, +31 compared to settlement levels, after US tsys finished Monday’s session 7-9bps richer. 

  • The rally started in yesterday’s Asia session as Chinese AI startup DeepSeek shook the broader market. New competition for US AI developers weighed heavily on chip stocks, the tech-heavy Nasdaq falling over 3% and Nvidia down 15%, spurring heavy outright buying and short covering across the board in US tsys.
  • The focus remains on Wednesday's FOMC policy announcement, no move expected, as well as today's heavy slate of US corporate earnings: PACCAR, Sysco Corp, Synchrony Financial, Lockheed Martin Corp, Veradigm, Royal Caribbean, Polaris Inc., Boeing, NextEra Energy, JetBlue Airways, General Motors, Kimberly-Clark Corp, Invesco, Starbucks, Qorvo and Stryker Corp.
  • In Asia, attention will remain on the tech-related equity fallout, although several Asian markets, including China, are closed for LNY celebrations.
  • Today, the local calendar will see PPI Services and Machine Tool Orders data alongside BoJ Rinban Operations covering 1-5-year and 10-25-year JGBs. The market expects a 3.2%y/y outcome for PPI Services (prior was 3.0%).
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In post-Tokyo trade, JGB futures closed sharply higher, +31 compared to settlement levels, after US tsys finished Monday’s session 7-9bps richer. 

  • The rally started in yesterday’s Asia session as Chinese AI startup DeepSeek shook the broader market. New competition for US AI developers weighed heavily on chip stocks, the tech-heavy Nasdaq falling over 3% and Nvidia down 15%, spurring heavy outright buying and short covering across the board in US tsys.
  • The focus remains on Wednesday's FOMC policy announcement, no move expected, as well as today's heavy slate of US corporate earnings: PACCAR, Sysco Corp, Synchrony Financial, Lockheed Martin Corp, Veradigm, Royal Caribbean, Polaris Inc., Boeing, NextEra Energy, JetBlue Airways, General Motors, Kimberly-Clark Corp, Invesco, Starbucks, Qorvo and Stryker Corp.
  • In Asia, attention will remain on the tech-related equity fallout, although several Asian markets, including China, are closed for LNY celebrations.
  • Today, the local calendar will see PPI Services and Machine Tool Orders data alongside BoJ Rinban Operations covering 1-5-year and 10-25-year JGBs. The market expects a 3.2%y/y outcome for PPI Services (prior was 3.0%).