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JGBS: Futures Stronger Overnight As US Tsys’ Bessent Rally Extends In NY

JGBS
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In post-Tokyo trade, JGB futures are sharply stronger, +17 compared to settlement levels, after US tsys extended in the NY session the initial richening seen in the Asian time zone in response to President-elect Trump’s selection of Scott Bessent for Treasury Secretary. US tsy yields declined substantially with the US 10-year yield down 13bp to 4.27% and close to levels that prevailed ahead of the election. The yield curve flattened as 2-year yields dropped 10bp to 4.27%.

  • Bessent's "3-3-3 Plan" aims to reduce the deficit to 3% of GDP, drive economic growth to 3%, and increase oil production to 3 million barrels.
  • A strong 2-year auction also supported.
  • Oil slumped with US crude falling below $US69 a barrel. Gold also was lower to start the week, falling more than 3%. The commodities’ move came on reports of a potential ceasefire agreement to halt fighting for 60 days in Lebanon between Israel and Hezbollah.
  • Today in the US will see FOMC minutes after a string of hawkish Fedspeak and 5Y supply. It’s followed by GDP/PCE data and 7Y supply on Wednesday before Thanksgiving closures.
  • The German Ifo index remained subdued reflecting the collapse of the German government and threat of tariffs.
  • Today, the local calendar will see PPI Services data. 
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In post-Tokyo trade, JGB futures are sharply stronger, +17 compared to settlement levels, after US tsys extended in the NY session the initial richening seen in the Asian time zone in response to President-elect Trump’s selection of Scott Bessent for Treasury Secretary. US tsy yields declined substantially with the US 10-year yield down 13bp to 4.27% and close to levels that prevailed ahead of the election. The yield curve flattened as 2-year yields dropped 10bp to 4.27%.

  • Bessent's "3-3-3 Plan" aims to reduce the deficit to 3% of GDP, drive economic growth to 3%, and increase oil production to 3 million barrels.
  • A strong 2-year auction also supported.
  • Oil slumped with US crude falling below $US69 a barrel. Gold also was lower to start the week, falling more than 3%. The commodities’ move came on reports of a potential ceasefire agreement to halt fighting for 60 days in Lebanon between Israel and Hezbollah.
  • Today in the US will see FOMC minutes after a string of hawkish Fedspeak and 5Y supply. It’s followed by GDP/PCE data and 7Y supply on Wednesday before Thanksgiving closures.
  • The German Ifo index remained subdued reflecting the collapse of the German government and threat of tariffs.
  • Today, the local calendar will see PPI Services data.