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COMMODITIES

NatGas Resurgence Continues

BTP

Decent cash seller

SILVER TECHS

Bear Flag

JGBS
JGBS: JGB futures last +24 after breaking the recent range top, as risk-off
flows and a heavy domestic equity session provided a bid. Contract back from
best levels as the risk-off pressure moderates, but doesn't abate.
- 10-Year JGB yields have broken back below -0.05%.
- Early bull flattening was unwound on the back of a solid 2-Year auction, as
the short-end caught up to the longer end's rally.
- Signs of foreign receiving flows persist in 30-Year swaps, with the LCH/JSCC
spread tightening further.
- Tokyo CPI, the labour market report, retail sales and flash industrial
production data make up tomorrow's month-end data dump, while markets await
comments from BoJ Deputy Gov. Amamiya later today.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com