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JGBS: Futures Little Changed, Strong 2Y Auction, Light Local Calendar Tomorrow

JGBS
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JGB futures are little changed, -1 compared to settlement levels, after a choppy Tokyo session.

  • Outside of the previously outlined labour market data, there hasn't been much by way of domestic drivers to flag.
  • Cash US tsys are ~1bps richer in today’s Asia-Pac session after yesterday’s sell-off extension. After a slow start to the week, US data and newsflow are set to heat up with ADP Jobs and PCE Deflator data on Wednesday and Non-Farm Payrolls for October on Friday. There is also a heavy corporate earnings docket. Next Tuesday's presidential election will also likely keep some trading accounts on the sidelines.
  • Cash JGBs are flat to 2bps richer across benchmarks beyond the 1-year (+2.1bps). The benchmark 2-year yield is 1.1bps lower at 0.452% after today’s supply.
  • The 2-year bond auction displayed strong demand metrics today. The auction took place with an outright yield that was 5-10bps above last month’s level and just below the cyclical peak reached in early August - the highest level since 2009.
  • Swap rates are flat to 2bps lower, with a flattening bias. Swap spreads are mixed.
  • Tomorrow, the local calendar is light, with the Consumer Confidence Index as the sole release. 
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JGB futures are little changed, -1 compared to settlement levels, after a choppy Tokyo session.

  • Outside of the previously outlined labour market data, there hasn't been much by way of domestic drivers to flag.
  • Cash US tsys are ~1bps richer in today’s Asia-Pac session after yesterday’s sell-off extension. After a slow start to the week, US data and newsflow are set to heat up with ADP Jobs and PCE Deflator data on Wednesday and Non-Farm Payrolls for October on Friday. There is also a heavy corporate earnings docket. Next Tuesday's presidential election will also likely keep some trading accounts on the sidelines.
  • Cash JGBs are flat to 2bps richer across benchmarks beyond the 1-year (+2.1bps). The benchmark 2-year yield is 1.1bps lower at 0.452% after today’s supply.
  • The 2-year bond auction displayed strong demand metrics today. The auction took place with an outright yield that was 5-10bps above last month’s level and just below the cyclical peak reached in early August - the highest level since 2009.
  • Swap rates are flat to 2bps lower, with a flattening bias. Swap spreads are mixed.
  • Tomorrow, the local calendar is light, with the Consumer Confidence Index as the sole release.