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JGBS: Futures Little Changed Overnight, US Tsys Rally On JOLTS Data

JGBS
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In post-Tokyo trade, JGB futures are slightly higher, +3 compared to settlement levels, after US tsys rallied on weaker-than-expected JOLTS data. There were 7443k (cons 8000k) vacant jobs in September, the lowest since February 2021. US non-farm payroll data is due on Friday.

  • Meanwhile, within the surprisingly strong Conference Board consumer survey for October (confidence at 108.7 vs cons 99.5 after 99.2), the labour differential improved for the first time in eight months.
  • The US 10-year yield traded to an intra-day peak of 4.34% - a fresh cycle high since the September trough - before retracing to 4.25% (-3bps) after the 7-year auction saw strong investor demand and cleared 2bp below market levels. Yesterday, 2-year and 5-year treasury auctions cleared above the prevailing market rate.
  • The focus now turns to today's ADP employment data, GDP and Pending Home Sales.
  • Oil extended losses following its biggest drop in more than two years on Monday.
  • Today, the local calendar is light, with the Consumer Confidence Index as the sole release. Tomorrow, delivers more data with retail sales and IP, while the BoJ meeting outcome will be in focus, although no change is expected.
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In post-Tokyo trade, JGB futures are slightly higher, +3 compared to settlement levels, after US tsys rallied on weaker-than-expected JOLTS data. There were 7443k (cons 8000k) vacant jobs in September, the lowest since February 2021. US non-farm payroll data is due on Friday.

  • Meanwhile, within the surprisingly strong Conference Board consumer survey for October (confidence at 108.7 vs cons 99.5 after 99.2), the labour differential improved for the first time in eight months.
  • The US 10-year yield traded to an intra-day peak of 4.34% - a fresh cycle high since the September trough - before retracing to 4.25% (-3bps) after the 7-year auction saw strong investor demand and cleared 2bp below market levels. Yesterday, 2-year and 5-year treasury auctions cleared above the prevailing market rate.
  • The focus now turns to today's ADP employment data, GDP and Pending Home Sales.
  • Oil extended losses following its biggest drop in more than two years on Monday.
  • Today, the local calendar is light, with the Consumer Confidence Index as the sole release. Tomorrow, delivers more data with retail sales and IP, while the BoJ meeting outcome will be in focus, although no change is expected.