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JGBS: Cheaper Ahead Of US CPI Data, Q3 GDP On Friday

JGBS
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JGB futures are sharply weaker but off session cheaps, -37 compared to settlement levels.

  • Japan's October PPI was stronger than expected, up 0.2%m/m, versus a flat forecast. The prior month was also revised higher to a 0.3% gain (initially reported as flat). In y/y terms, we rose 3.4%, against a 2.9% forecast and 3.1% prior (initially reported as a 2.8% gain).
  • Cash US tsys are slightly cheaper in today’s Asia-Pac session after yesterday’s heavy session. Key October US CPI inflation data will be released later today. From our October CPI preview, sequential core CPI is seen coming in basically the same as prior (roughly 0.30%), with headline edging up (0.20% vs 0.18% September).
  • Cash JGBs are 2-3bps cheaper across benchmarks. The benchmark 30-year yield is 0.7bp higher at 2.278% after today’s supply.
  • The 30-year auction saw mixed results, with the low price beating dealer expectations and the cover ratio edging up to 3.4353x from 3.3438x. However, the auction tail lengthened. A higher outright yield likely contributed to increased demand in today’s auction.
  • Swap rate swings are bounded by +/- 1bp. Swap spreads are tighter.
  • Tomorrow, the local calendar will see weekly International Investment flow data, ahead of Q3 GDP on Friday.
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JGB futures are sharply weaker but off session cheaps, -37 compared to settlement levels.

  • Japan's October PPI was stronger than expected, up 0.2%m/m, versus a flat forecast. The prior month was also revised higher to a 0.3% gain (initially reported as flat). In y/y terms, we rose 3.4%, against a 2.9% forecast and 3.1% prior (initially reported as a 2.8% gain).
  • Cash US tsys are slightly cheaper in today’s Asia-Pac session after yesterday’s heavy session. Key October US CPI inflation data will be released later today. From our October CPI preview, sequential core CPI is seen coming in basically the same as prior (roughly 0.30%), with headline edging up (0.20% vs 0.18% September).
  • Cash JGBs are 2-3bps cheaper across benchmarks. The benchmark 30-year yield is 0.7bp higher at 2.278% after today’s supply.
  • The 30-year auction saw mixed results, with the low price beating dealer expectations and the cover ratio edging up to 3.4353x from 3.3438x. However, the auction tail lengthened. A higher outright yield likely contributed to increased demand in today’s auction.
  • Swap rate swings are bounded by +/- 1bp. Swap spreads are tighter.
  • Tomorrow, the local calendar will see weekly International Investment flow data, ahead of Q3 GDP on Friday.