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JGBS: Cash Bonds Richer, Light Local Calendar

JGBS
GlobalBulletAPACFixed Income BulletsJapanRegionMarkets

In Tokyo morning trade, JGB futures are stronger but off overnight highs, +19 compared to settlement levels.

  • Japan’s monetary base fell 0.1 per cent in September from a year ago. Today, the local calendar will also see Consumer Confidence data
  • Cash US tsys are little changed in today’s Asia-Pac session after yesterday’s haven-induced rally. The US calendar will see MBA Mortgage Applications and ADP Employment Change data later today.
  • Cash JGBs are richer across benchmarks beyond the 1-year, with yields 1-2bps lower. The benchmark 10-year yield is 2.1bps lower at 0.835% versus the cycle high of 1.108%.
  • The swap curve has twist-steepened, pivoting at the 10-year, with yields 1bp lower to 1bp higher. Swap spreads are wider.
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In Tokyo morning trade, JGB futures are stronger but off overnight highs, +19 compared to settlement levels.

  • Japan’s monetary base fell 0.1 per cent in September from a year ago. Today, the local calendar will also see Consumer Confidence data
  • Cash US tsys are little changed in today’s Asia-Pac session after yesterday’s haven-induced rally. The US calendar will see MBA Mortgage Applications and ADP Employment Change data later today.
  • Cash JGBs are richer across benchmarks beyond the 1-year, with yields 1-2bps lower. The benchmark 10-year yield is 2.1bps lower at 0.835% versus the cycle high of 1.108%.
  • The swap curve has twist-steepened, pivoting at the 10-year, with yields 1bp lower to 1bp higher. Swap spreads are wider.