MNI China Daily Summary: Friday, November 22

UK NOV FLASH MANUF PMI 48.6 (FCST: 50.0); OCT 49.9

EUROZONE NOV FLASH MANUF PMI 45.2 (FCST: 46.0); OCT 46.0

MNI: PBOC Net Drains CNY345.9 Bln via OMO Friday

MNI BRIEF: Fed Should Explore Central Clearing At SRF-Hammack

MNI China Daily Summary: Thursday, November 21

GERMANY NOV FLASH MANUF PMI 43.2 (FCST: 43.0); OCT 43.0

FRANCE NOV FLASH MANUF PMI 43.2 (FCST:44.5); OCT 44.5

MNI: GERMANY Q3 FINAL GDP 0.1% Q/Q (VS FCST 0.2%)

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

JGBS: Futures Near Session Lows, US PPI & Claims Data Due, Q3 GDP Tomorrow

JGBS
GlobalBulletAPACFixed Income BulletsJapanRegionMarkets

JGB futures are holding weaker and near Tokyo session lows, -12 compared to settlement levels.

  • Outside of the previously outlined weekly international investment flows, there hasn't been much by way of domestic drivers to flag.
  • BOJ Deputy Governor Shinichi Uchida said the nation’s financial system has been maintaining stability with banks having sufficient capital bases and stable funding.
  • Cash US tsys are 2-3bps cheaper in today’s Asia-Pac session after yesterday’s twist-steepening. The US calendar sees PPI and jobless claims data later today.
  • Cash JGBs have bear—steepened across benchmarks beyond the 1-year (+3.1bps), with yields flat to 3bps higher. The benchmark 10-year yield is 1.1bps higher at 1.061% versus the cycle high of 1.108%.
  • The yield on the 30-year JGB rose as high 2.312% today, its highest level since March 2010. This came despite yesterday’s supply being comfortably absorbed. The 30-year auction saw the low price beat dealer expectations and the cover ratio edge up to 3.4353x from 3.3438x. However, the auction tail did lengthen.
  • Swap rates are flat to 5bps higher, with a steeper curve. Swap spreads are mixed.
  • Tomorrow, the local calendar will see Q3 GDP, Industrial Production, Capacity Utilization and Tertiary Industry Index data alongside 5-year supply.
194 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

JGB futures are holding weaker and near Tokyo session lows, -12 compared to settlement levels.

  • Outside of the previously outlined weekly international investment flows, there hasn't been much by way of domestic drivers to flag.
  • BOJ Deputy Governor Shinichi Uchida said the nation’s financial system has been maintaining stability with banks having sufficient capital bases and stable funding.
  • Cash US tsys are 2-3bps cheaper in today’s Asia-Pac session after yesterday’s twist-steepening. The US calendar sees PPI and jobless claims data later today.
  • Cash JGBs have bear—steepened across benchmarks beyond the 1-year (+3.1bps), with yields flat to 3bps higher. The benchmark 10-year yield is 1.1bps higher at 1.061% versus the cycle high of 1.108%.
  • The yield on the 30-year JGB rose as high 2.312% today, its highest level since March 2010. This came despite yesterday’s supply being comfortably absorbed. The 30-year auction saw the low price beat dealer expectations and the cover ratio edge up to 3.4353x from 3.3438x. However, the auction tail did lengthen.
  • Swap rates are flat to 5bps higher, with a steeper curve. Swap spreads are mixed.
  • Tomorrow, the local calendar will see Q3 GDP, Industrial Production, Capacity Utilization and Tertiary Industry Index data alongside 5-year supply.