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JGBS: Futures Weaker Overnight, 40Y Supply Due

JGBS
BulletAPACFixed Income BulletsJapanMarkets

In post-Tokyo trade, JGB futures are weaker, -6 compared to settlement levels, after US tsys finished with a modest twist-steepening.

  • The markets shook off the announcement aftermarket yesterday that President-elect Trump planned to impose 25% tariffs on Mexico and Canada, and an additional 10% on Chinese imports. There was also little impact on the announcement of a cease-fire between Israel and Hezbollah.
  • The FOMC minutes were also taken in stride. The lack of a more overtly hawkish message potentially allowed bullish plays that were held back after a reasonable 5Y auction earlier.
  • Today's US economic calendar will feature Q3 GDP revisions, October's monthly PCE data, and initial jobless claims, all released earlier due to the Thanksgiving holiday. Additionally, there will be a 7-year Treasury auction later in the day.
  • Today, the local calendar is empty apart from 40-year supply.
  • Yesterday, higher-than-expected services PPI along with wage comments from PM Ishiba likely weighed on the market. Focus has now turned to the December BoJ meeting, which is live per recent Ueda comments.
  • The next major data point will be the Tokyo Nov CPI out this Friday.
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In post-Tokyo trade, JGB futures are weaker, -6 compared to settlement levels, after US tsys finished with a modest twist-steepening.

  • The markets shook off the announcement aftermarket yesterday that President-elect Trump planned to impose 25% tariffs on Mexico and Canada, and an additional 10% on Chinese imports. There was also little impact on the announcement of a cease-fire between Israel and Hezbollah.
  • The FOMC minutes were also taken in stride. The lack of a more overtly hawkish message potentially allowed bullish plays that were held back after a reasonable 5Y auction earlier.
  • Today's US economic calendar will feature Q3 GDP revisions, October's monthly PCE data, and initial jobless claims, all released earlier due to the Thanksgiving holiday. Additionally, there will be a 7-year Treasury auction later in the day.
  • Today, the local calendar is empty apart from 40-year supply.
  • Yesterday, higher-than-expected services PPI along with wage comments from PM Ishiba likely weighed on the market. Focus has now turned to the December BoJ meeting, which is live per recent Ueda comments.
  • The next major data point will be the Tokyo Nov CPI out this Friday.