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Holding Off Late NY Lows

US TSYS

TYZ1 continues to operate a little above late NY lows, last -0-03+ at 130-02+, while cash Tsys run little changed to 1bp richer across the curve shortly after the reopen. Some have pointed to guidance from Intel as a driving factor, after the company warned that margins are set to be lower than current levels for 2-3 years (although gross margin is set to hold above 50%). Note that the NASDAQ 100 leads the downtick in the e-mini space, which would give some credence to the view re: Intel providing the backdrop for some defensive flows.

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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