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JGBS: Futures Weaker Overnight, Weaker Than Expected Cash Earnings

JGBS
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In post-Tokyo trade, JGB futures are weaker, -12 compared to settlement levels after US tsys finished broadly weaker but off cheaps in heavy post-election trade (TYZ4>3.8M).

  • It was a decisive victory for Trump and the Republican party. US Equities surged with the Dow up ~3.5%, the NASDAQ up ~3% and the S&P 500 up ~2.5%. Bloomberg reported it was the best post-election rally in history.
  • A stellar 30-year auction provided little relief. The 30-year ended 18bps cheaper at 4.60%. The 10-year was up 16bps to 4.43%. The 2-year was 9bps higher at 4.26%. The curve bear steepened to 16bps from 9bps on Monday.
  • Spot gold fell by 2.8% to $2,666/oz today, reflecting the impact of higher US yields and associated greenback strength, as well as heavy positioning.
  • Japanese workers’ base salaries saw the largest increase in over three decades, supporting the Bank of Japan’s view that the economy remains on the recovery track and backing the case for a rate hike in coming months.
  • The pace of gains in base pay quickened to 2.6% year on year in September versus a 2.4% clip in August. The advance was the strongest in over 31 years. (per BBG)
  • Today, the local calendar will also see Tokyo Avg Office Vacancies data alongside 10-year supply.
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In post-Tokyo trade, JGB futures are weaker, -12 compared to settlement levels after US tsys finished broadly weaker but off cheaps in heavy post-election trade (TYZ4>3.8M).

  • It was a decisive victory for Trump and the Republican party. US Equities surged with the Dow up ~3.5%, the NASDAQ up ~3% and the S&P 500 up ~2.5%. Bloomberg reported it was the best post-election rally in history.
  • A stellar 30-year auction provided little relief. The 30-year ended 18bps cheaper at 4.60%. The 10-year was up 16bps to 4.43%. The 2-year was 9bps higher at 4.26%. The curve bear steepened to 16bps from 9bps on Monday.
  • Spot gold fell by 2.8% to $2,666/oz today, reflecting the impact of higher US yields and associated greenback strength, as well as heavy positioning.
  • Japanese workers’ base salaries saw the largest increase in over three decades, supporting the Bank of Japan’s view that the economy remains on the recovery track and backing the case for a rate hike in coming months.
  • The pace of gains in base pay quickened to 2.6% year on year in September versus a 2.4% clip in August. The advance was the strongest in over 31 years. (per BBG)
  • Today, the local calendar will also see Tokyo Avg Office Vacancies data alongside 10-year supply.