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JGBS: Futures Weaker Overnight, US Tsys Pressured By ADP Data

JGBS
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In post-Tokyo trade, JGB futures are weaker, -12 compared to settlement levels, after the US tsys curve bear-steepened on stronger-than-expected ADP data. US yields finished 3-6bps higher. 

  • ADP employment was stronger than expected in September at 143k (cons 125k) after a slightly upward-revised 103k (initial 99k) in August. The data has had mixed success in tracking private payroll growth.
  • Today’s US calendar will see Weekly Claims, Factory/Durable Goods Orders and ISM Services, followed by Friday's headline Non-Farm Payrolls for September.
  • US nonfarm payrolls growth is expected to have firmed marginally to 150k in September although some analysts also look for upward revisions to August. (See MNI Employment Preview here)
  • Yesterday new PM Ishiba commented that now is not the time for additional rate hikes. BoJ Governor Ueda was also quite cautious about the rate outlook in remarks yesterday. This backdrop compares to the pre-LDP leadership election period in which Ishiba was seen as more of a monetary policy hawk, particularly compared to Takaichi.
  • Today, the local calendar will see Jibun Bank Composite & Services PMIs alongside 10-year supply. BoJ Board Noguchi will also give a speech in Nagasaki.
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In post-Tokyo trade, JGB futures are weaker, -12 compared to settlement levels, after the US tsys curve bear-steepened on stronger-than-expected ADP data. US yields finished 3-6bps higher. 

  • ADP employment was stronger than expected in September at 143k (cons 125k) after a slightly upward-revised 103k (initial 99k) in August. The data has had mixed success in tracking private payroll growth.
  • Today’s US calendar will see Weekly Claims, Factory/Durable Goods Orders and ISM Services, followed by Friday's headline Non-Farm Payrolls for September.
  • US nonfarm payrolls growth is expected to have firmed marginally to 150k in September although some analysts also look for upward revisions to August. (See MNI Employment Preview here)
  • Yesterday new PM Ishiba commented that now is not the time for additional rate hikes. BoJ Governor Ueda was also quite cautious about the rate outlook in remarks yesterday. This backdrop compares to the pre-LDP leadership election period in which Ishiba was seen as more of a monetary policy hawk, particularly compared to Takaichi.
  • Today, the local calendar will see Jibun Bank Composite & Services PMIs alongside 10-year supply. BoJ Board Noguchi will also give a speech in Nagasaki.