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Futures Stronger Overnight As US Tsys Look Past Retail Sales Beat

JGBS

In post-Tokyo trade, JGB futures are higher, closing +12 compared to settlement levels, after US tsys finished the NY session with a bull-flattener.

  • The US 10-year yield finished 7bps lower at 4.16% versus a 4bp drop for the US 2-year to 4.42%. This came after an early session sell-off following stronger-than-expected Retail Sales data.
  • Retail sales printed flat (-0.02% unrounded) growth m/m, slower than the +0.3% registered in May (upward rev from 0.1%), but above the -0.3% expected. Sales ex-autos (+0.4% vs 0.1% expected) and ex-auto/gas (+0.8% vs +0.2% expected) beat and with higher revisions.
  • US equities strengthened with the rally broadening out. Bloomberg reported since late last week the surge in the Russell 2000 has bested the NASDAQ 100 by 12%, the most since 2011.
  • Gold hit a record high of US$2470 an ounce. Gold has rallied by over 50% since late 2022, underpinned by demand from central banks, to diversify reserves and reduce their reliance on the US dollar.
  • Today, the local calendar is empty apart from BoJ Rinban Operations covering 1-3-year and 5-25-year JGBs. Friday delivers the National CPI print for June.
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