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MNI BRIEF: Investors Increasingly Eyeing Fiscal Policy -ECB VP

CANADA OCT FLASH RETAIL SALES +0.8%

MNI China Daily Summary: Friday, Nov 24

EZ/UK Bond Supply Calendar: EU-Bond Auct / BOE APF Op Monday

MNI: US NOV FLASH SERVICES PMI 50.8 (FCST 50.4); OCT 50.6

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

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Futures Twist-Flatten In Line With US Tsys, RBA Gov Bullock Appearance Soon

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ACGBs (YM -1.0 & XM +2.0) are mixed after US tsys finished with a twist-flattening of the curve, pivoting at the 5s. US yields finished 3bps higher to 2bps lower. The 20-year finished 2.2bps richer after supply saw better than expected demand metrics.

  • Little reaction to the Conference Board’s leading index that provided another weaker-than-expected data read: falling -0.8% (cons -0.7%) in September.
  • Little reaction also to Richmond Fed President Barkin's comments on Fox: "NOW ISN'T BIG TIME FOR FORWARD GUIDANCE ON RATES; OVERALL, CORE INFLATION NUMBERS COMING DOWN NICELY."
  • A reminder of the shortened Thanksgiving holiday week. CME Group schedule: full session Wednesday, Thursday close (Globex reopens 1800ET), early close Friday (floor at 1300ET, Globex at 1315ET).
  • Cash ACGBs are flat to 3bps richer, with the 3/10 curve flatter and AU-US 10-year yield differential 1bp higher at +7bps.
  • The swaps curve has bull-flattened, with rates flat to 2bps lower.
  • The bills strip has slightly bear-steepened, with pricing 1- to -2.
  • RBA-dated OIS pricing is flat to slightly firmer across meetings.
  • Today at 1000 AEDT Governor Bullock participates in a panel at the ASIC Annual Forum. This is followed by the minutes from the November meeting at 1130 AEDT.
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ACGBs (YM -1.0 & XM +2.0) are mixed after US tsys finished with a twist-flattening of the curve, pivoting at the 5s. US yields finished 3bps higher to 2bps lower. The 20-year finished 2.2bps richer after supply saw better than expected demand metrics.

  • Little reaction to the Conference Board’s leading index that provided another weaker-than-expected data read: falling -0.8% (cons -0.7%) in September.
  • Little reaction also to Richmond Fed President Barkin's comments on Fox: "NOW ISN'T BIG TIME FOR FORWARD GUIDANCE ON RATES; OVERALL, CORE INFLATION NUMBERS COMING DOWN NICELY."
  • A reminder of the shortened Thanksgiving holiday week. CME Group schedule: full session Wednesday, Thursday close (Globex reopens 1800ET), early close Friday (floor at 1300ET, Globex at 1315ET).
  • Cash ACGBs are flat to 3bps richer, with the 3/10 curve flatter and AU-US 10-year yield differential 1bp higher at +7bps.
  • The swaps curve has bull-flattened, with rates flat to 2bps lower.
  • The bills strip has slightly bear-steepened, with pricing 1- to -2.
  • RBA-dated OIS pricing is flat to slightly firmer across meetings.
  • Today at 1000 AEDT Governor Bullock participates in a panel at the ASIC Annual Forum. This is followed by the minutes from the November meeting at 1130 AEDT.