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Futures Uptick In Overnight Trade Ahead Of Weekend, Light Calendar

JGBS

In post-Tokyo trade, JGB futures are up-ticked, closing +3 compared to settlement levels, after US tsys closed the week with a small yield lift. It was a busy session, with US tsys cheapening after PCE and Personal Spending data. Inflation data was close to expected, while spending firmer than forecast. US tsys extended lows yet again after higher than expected Pending Home Sales: a whopping 8.3% m/m increase vs. 2.0% est.

  • The S&P 500 was -0.1% on Friday, breaking a string of 6 straight gains. And the NASDAQ slipped 0.4%.
  • Spillover from higher oil prices will be a focus today, along with broader risk trends, after attack on Russian Oil tanker in the Red Sea, late Friday and the weekend attack on US soldiers in Jordan near the border with Syria.
  • Looking ahead this week: focus is on the FOMC policy announcement on Wednesday, followed by employment data for January on Friday. Treasury’s Quarterly Refunding process for the Feb-Apr quarter also begins with borrowing estimates released on Mon Jan 29 (0830ET), followed by the refunding announcement itself on Wed Jan 31 (also 0830ET).
  • Today, the local calendar is empty, apart from BoJ Rinban Operations covering 3-10-year and 25-year+ JGBs.
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