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JGBS: Futures Holding An Uptick At Lunch, PPI Services Slightly Beats

JGBS
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At the Tokyo lunch break, JGB futures are holding an uptick after paring overnight gains, +1 compared to settlement levels.

  • PPI Services data for August printed +2.7% y/y versus +2.6% est. and a revised +2.7% prior.
  • Cash US tsys are ~1bp cheaper in today’s Asia-Pac session after yesterday’s bull-steepener. Today's US calendar will see MBA Mortgage apps, New Home Sales, $28B 2Y FRN, $62B 17W bill auctions and $70B 5Y.
  • Cash JGBs are richer across benchmarks beyond the 1-year (+1.7bps), with yields ~1bp lower. The benchmark 10-year yield is 0.5bp lower at 0.811% versus the cycle high of 1.108%.
  • The swaps curve has twist-steepened, pivoting at the 20-year, with rates 1.5bps lower to 4bps higher. Swap spreads are mostly tighter out to the 10-year and wider beyond.
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At the Tokyo lunch break, JGB futures are holding an uptick after paring overnight gains, +1 compared to settlement levels.

  • PPI Services data for August printed +2.7% y/y versus +2.6% est. and a revised +2.7% prior.
  • Cash US tsys are ~1bp cheaper in today’s Asia-Pac session after yesterday’s bull-steepener. Today's US calendar will see MBA Mortgage apps, New Home Sales, $28B 2Y FRN, $62B 17W bill auctions and $70B 5Y.
  • Cash JGBs are richer across benchmarks beyond the 1-year (+1.7bps), with yields ~1bp lower. The benchmark 10-year yield is 0.5bp lower at 0.811% versus the cycle high of 1.108%.
  • The swaps curve has twist-steepened, pivoting at the 20-year, with rates 1.5bps lower to 4bps higher. Swap spreads are mostly tighter out to the 10-year and wider beyond.