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JGBS: Futures Weaker Overnight, Labour Market Data Stronger

JGBS
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In post-Tokyo trade, JGB futures are weaker, -8 compared to settlement levels. 

  • Jobless Rate and Job-To-Applicant Ratio for September have printed at 2.4% and 1.24 respectively versus estimates and priors of 2.5% and 1.23.
  • The fallout from the weekend's LDP coalition election continues, with the focus on what the new coalition might look like and whether Ishiba will remain as PM.
  • Overnight, the US 2-year yield was up 3bps at 4.14%, with the 10-year cheapening 4bps to 4.28%.
  • US tsys opened on the back foot amid some concession-building ahead of this week's record auctions, including yesterday’s $69bn in 2-year notes and $70bn in 5-year notes. Both auctions tailed.
  • After a slow start to the week's US data and newsflow, things are set to heat up with ADP Jobs data on Wednesday and Non-Farm Payrolls for October on Friday. There is also a heavy corporate earnings docket and month-end extension. Next Tuesday's presidential election will likely also keep some trading accounts on the sidelines.
  • Today, the local calendar will also see 2-year supply.
  • The BoJ Policy Meeting is on Wednesday and Thursday, with the board likely to leave its policy interest rate at 0.25% amid unstable financial markets and uncertainties over the US economy. 
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In post-Tokyo trade, JGB futures are weaker, -8 compared to settlement levels. 

  • Jobless Rate and Job-To-Applicant Ratio for September have printed at 2.4% and 1.24 respectively versus estimates and priors of 2.5% and 1.23.
  • The fallout from the weekend's LDP coalition election continues, with the focus on what the new coalition might look like and whether Ishiba will remain as PM.
  • Overnight, the US 2-year yield was up 3bps at 4.14%, with the 10-year cheapening 4bps to 4.28%.
  • US tsys opened on the back foot amid some concession-building ahead of this week's record auctions, including yesterday’s $69bn in 2-year notes and $70bn in 5-year notes. Both auctions tailed.
  • After a slow start to the week's US data and newsflow, things are set to heat up with ADP Jobs data on Wednesday and Non-Farm Payrolls for October on Friday. There is also a heavy corporate earnings docket and month-end extension. Next Tuesday's presidential election will likely also keep some trading accounts on the sidelines.
  • Today, the local calendar will also see 2-year supply.
  • The BoJ Policy Meeting is on Wednesday and Thursday, with the board likely to leave its policy interest rate at 0.25% amid unstable financial markets and uncertainties over the US economy.