Free Trial

Late Equity Roundup: Mildly Lower on Week


Remains Above The 50-Day EMA

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

Core bond markets received a fillip from continued risk-off flows, as lacklustre Asia-Pac headline flow failed to add much to the existing narrative. Geopolitical frictions frayed nerves amid the lingering risk of a potential Russian military strike on Ukraine, which provoked Western retaliation threats over the recent days. The spectre of aggressive Fed tightening kept appetite for riskier assets in check, while Thursday's weakness in key U.S. stock indices infected their Asia-Pacific peers.

  • T-Notes surged to a session high of 128-10, their best level in a week, before stabilising below there. TYH2 changes hands +0-15 at 128-05+ as we type. Eurodollar futures run 1.5-6.5 ticks higher through the reds. Tsys faltered in cash trade, with the belly leading declines. Yields last sit 1.4-3.9bp lower across the curve, with 10-year yield now back below 1.80%. The U.S. economic docket is fairly empty ahead of the weekend, which leaves the main focus on geopolitical matters.
  • JGB futures extended gains after a firmer re-open, but trimmed gains after the Tokyo lunch break. JBH2 trades at 150.99, 15 ticks above last settlement and 10 ticks shy of session highs. Cash JGBs tracked moves in U.S. Tsys as the yield curve shifted lower, with belly outperforming. Japanese CPI data failed to elicit any volatility, even as a marginal miss in core inflation underscored the BoJ's message that policy normalisation will not be happening anytime soon. Likewise, there was no reaction to domestic debt supply, with global market impetus in the driving seat.
  • Australia's yield curve bull flattened as ACGBs turned their tails in cash Sydney trade. Yields last sit 5.0-9.0bp lower across the curve. Aussie bond futures were in demand, with YM last +8.0 & XM +9.0, both stabilising near session highs. Bills trade unch. to +9 ticks through the reds. The space showed no reaction to a fairly standard issuance slate for next week, the supply of ACGB Apr '25 also came and went.
MNI London Bureau | +44 203-865-3806 |
MNI London Bureau | +44 203-865-3806 |

To read the full story

Why Subscribe to

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.