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Have been looking into opening spike lower.....>

JGBS
JGBS: Have been looking into opening spike lower in JGB futures, but little out
there and a bit of head scratching from desks we have spoken with. Yes Tsys are
lower vs. time when JGB overnight session closed, but that wouldn't explain it
in our opinion. Contract last -9, 19 ticks off lows after closing modestly
higher vs. Tokyo settlement in overnight trade.
- Curve has bear steepened, with an eye on tomorrow's 20-Year JGB supply.
- Local core machine orders data was weak, while the monthly trade balance data
revealed a slightly narrower than expected deficit, as exports didn't fall by as
much as exp., while imports were softer vs. exp.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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