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JGBS: Futures Weaker Overnight, Labour Market Data Mixed

JGBS
GlobalBulletAPACFixed Income BulletsJapanRegionMarkets

In post-Tokyo trade, JGB futures are weaker, -13 compared to settlement levels. 

  • August jobless rate and job-to-applicant ratio have printed mixed relative to expectations with 2.5% and 1.23 respectively versus estimates 2.6% and 1.24 and priors 2.7% and 1.24.
  • The BoJ Summary of Opinions from the September policy meeting is also due today along with the Q3 Tankan survey. The market expects a slight downtick for large manufacturers' sentiment, but all industry Capex is projected higher at 11.9% (versus 11.1% in Q2).
  • ICYMI, the Japan general election will be held on Oct. 27th, incoming PM Ishiba said late yesterday, confirming what the NHK reported earlier in the day.
  • Overnight, US tsys reacted to comments from Chairman Powell at the NABE conference. Powell stressed the Fed is not in a hurry to cut rates, emphasising that the overall US economy remains on solid footing.
  • The US 2-year rate was up 8bps to 3.64%, while the 10-year was 3bps cheaper at 3.78%. The curve flattened to 14.7 bps.
  • US equities ended the session with modest gains, recovering from modest losses throughout the day.
  • The DXY firmed but finished off the day's high of 100.924. Oil was slightly higher, while gold fell 1.0% to $2631.98 per ounce.
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In post-Tokyo trade, JGB futures are weaker, -13 compared to settlement levels. 

  • August jobless rate and job-to-applicant ratio have printed mixed relative to expectations with 2.5% and 1.23 respectively versus estimates 2.6% and 1.24 and priors 2.7% and 1.24.
  • The BoJ Summary of Opinions from the September policy meeting is also due today along with the Q3 Tankan survey. The market expects a slight downtick for large manufacturers' sentiment, but all industry Capex is projected higher at 11.9% (versus 11.1% in Q2).
  • ICYMI, the Japan general election will be held on Oct. 27th, incoming PM Ishiba said late yesterday, confirming what the NHK reported earlier in the day.
  • Overnight, US tsys reacted to comments from Chairman Powell at the NABE conference. Powell stressed the Fed is not in a hurry to cut rates, emphasising that the overall US economy remains on solid footing.
  • The US 2-year rate was up 8bps to 3.64%, while the 10-year was 3bps cheaper at 3.78%. The curve flattened to 14.7 bps.
  • US equities ended the session with modest gains, recovering from modest losses throughout the day.
  • The DXY firmed but finished off the day's high of 100.924. Oil was slightly higher, while gold fell 1.0% to $2631.98 per ounce.