FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

JGBS: Cash Bond Bear-Flattener, Labour Market Data & Tankan Report Tomorrow

JGBS
GlobalBulletAPACFixed Income BulletsJapanRegionMarkets

JGB futures are sharply cheaper and near session lows, -68 compared to settlement levels.

  • Outside of the previously outlined IP and Retail Sales data, the market has had news of a general election on October 27th to digest. The new LDP leader Shigeru Ishiba will dissolve the lower house on October 9th (per BBG/NHK).
  • Cash US tsys are little changed in today’s Asia-Pac session after Friday’s post-PCE deflator gains. The US calendar this week will see MNI Chicago PMI today, ISMs tomorrow, ADP private employment data on Wednesday, and the September jobs report on Friday.
  • Cash JGBs are flat to 4bps cheaper across benchmarks, with a flattening bias. The benchmark 2-year yield is 2.4bps higher at 0.391% after today’s supply.
  • The 2-year bond auction demonstrated mixed demand metrics, with the low price meeting dealer expectations, but the cover ratio decreasing to 3.8149x from 5.542x in August. The auction tail was also longer than last month.
  • Swap rates are little changed out to the 30-year and 4bps higher beyond. Swap spreads are mixed.
  • Tomorrow, the local calendar will see the Jobless Rate, Job-To-Applicant Ratio, and Jibun Bank PMI Mfg data alongside the Q3 Tankan Report. 
189 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

JGB futures are sharply cheaper and near session lows, -68 compared to settlement levels.

  • Outside of the previously outlined IP and Retail Sales data, the market has had news of a general election on October 27th to digest. The new LDP leader Shigeru Ishiba will dissolve the lower house on October 9th (per BBG/NHK).
  • Cash US tsys are little changed in today’s Asia-Pac session after Friday’s post-PCE deflator gains. The US calendar this week will see MNI Chicago PMI today, ISMs tomorrow, ADP private employment data on Wednesday, and the September jobs report on Friday.
  • Cash JGBs are flat to 4bps cheaper across benchmarks, with a flattening bias. The benchmark 2-year yield is 2.4bps higher at 0.391% after today’s supply.
  • The 2-year bond auction demonstrated mixed demand metrics, with the low price meeting dealer expectations, but the cover ratio decreasing to 3.8149x from 5.542x in August. The auction tail was also longer than last month.
  • Swap rates are little changed out to the 30-year and 4bps higher beyond. Swap spreads are mixed.
  • Tomorrow, the local calendar will see the Jobless Rate, Job-To-Applicant Ratio, and Jibun Bank PMI Mfg data alongside the Q3 Tankan Report.