FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

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

JGBS
GlobalBulletAPACFixed Income BulletsJapanRegionMarkets

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.
184 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

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.