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JGBS: Futures Slightly Weaker Overnight, Tokyo CPI Core Measures In Line

JGBS
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In post-Tokyo trade, JGB futures closed slightly weaker, -4 compared to settlement levels. 

  • Tokyo CPI for January printed +3.4% y/y versus +3.0% est. and +3.1% prior. Core and Core-Core measures printed +2.5% y/y and +1.9% y/y versus estimates of +2.5% and +1.9% and priors of +2.4% and +1.8%.
  • The Jobless Rate for December printed at 2.4% versus 2.5% est. and 2.5% prior. Job-To-Applicant Ratio printed 1.25 versus 1.25 estimate and prior.
  • Today, the local calendar will also see Industrial Production, Retail Sales and Housing Starts data alongside 2-year supply.
  • Overnight,  US tsys finished little changed in the middle of the range. Support came from the ECB, which cut rates by 25bp to 2.75%.
  • Initial claims in the Jan 25 week fell 16k to a 3-week low of 207k, defying forecasts of a 2k rise to 225k.
  • Q4 US GDP growth missed expectations at 2.3% Q/Q annualized (vs 2.6% survey, 3.1% prior, though exactly in line with yesterday's Atlanta Fed GDP Nowcast), the weakest in 3 quarters, with the headline PCE price deflator was on the soft side (2.2% vs 2.5% expected).
  • Pending sales dropped 5.5% vs 1.6% prior (downward rev from 2.2%) and expectations of flat growth, marking the first drop after 4 consecutive increases.
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In post-Tokyo trade, JGB futures closed slightly weaker, -4 compared to settlement levels. 

  • Tokyo CPI for January printed +3.4% y/y versus +3.0% est. and +3.1% prior. Core and Core-Core measures printed +2.5% y/y and +1.9% y/y versus estimates of +2.5% and +1.9% and priors of +2.4% and +1.8%.
  • The Jobless Rate for December printed at 2.4% versus 2.5% est. and 2.5% prior. Job-To-Applicant Ratio printed 1.25 versus 1.25 estimate and prior.
  • Today, the local calendar will also see Industrial Production, Retail Sales and Housing Starts data alongside 2-year supply.
  • Overnight,  US tsys finished little changed in the middle of the range. Support came from the ECB, which cut rates by 25bp to 2.75%.
  • Initial claims in the Jan 25 week fell 16k to a 3-week low of 207k, defying forecasts of a 2k rise to 225k.
  • Q4 US GDP growth missed expectations at 2.3% Q/Q annualized (vs 2.6% survey, 3.1% prior, though exactly in line with yesterday's Atlanta Fed GDP Nowcast), the weakest in 3 quarters, with the headline PCE price deflator was on the soft side (2.2% vs 2.5% expected).
  • Pending sales dropped 5.5% vs 1.6% prior (downward rev from 2.2%) and expectations of flat growth, marking the first drop after 4 consecutive increases.