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JGBS: Haven Buying Drives Futures Stronger Overnight, Light Local Calendar

JGBS
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In post-Tokyo trade, JGB futures are sharply higher, +28 compared to settlement levels, after a flight to safety drove US tsys richer with the markets monitoring Israel's invasion of Southern Lebanon and Iran's missile attack on Israel. US yields finished 3-5bps lower. 

  • US job openings unexpectedly increased in August after two straight monthly decreases, but hiring was soft and consistent with a slowing labour market.
  • The ISM’s manufacturing employment measure dropped to 43.9 from 46.0 in August. Its measure of prices paid by manufacturers decreased to 48.3, the lowest level since December 2023, from 54.0 in August.
  • Overall manufacturing held steady at weaker levels, though new orders improved. The ISM’s manufacturing PMI was unchanged at 47.2 last month.
  • (Reuters) Japan's new prime minister, Shigeru Ishiba, said on Tuesday he hoped the central bank would maintain loose monetary policy "as a trend" as the government seeks to get the country fully out of the deflation that has weighed on it for most of the last three decades. Ishiba said his administration will carry over the economic policy of former Prime Minister Fumio Kishida, and "ensure Japan fully emerges from deflation."
  • Today, the local calendar will see Monetary Base and Consumer Confidence data alongside BoJ Rinban Operations covering 1-5-year and 25-year+ JGBs.
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In post-Tokyo trade, JGB futures are sharply higher, +28 compared to settlement levels, after a flight to safety drove US tsys richer with the markets monitoring Israel's invasion of Southern Lebanon and Iran's missile attack on Israel. US yields finished 3-5bps lower. 

  • US job openings unexpectedly increased in August after two straight monthly decreases, but hiring was soft and consistent with a slowing labour market.
  • The ISM’s manufacturing employment measure dropped to 43.9 from 46.0 in August. Its measure of prices paid by manufacturers decreased to 48.3, the lowest level since December 2023, from 54.0 in August.
  • Overall manufacturing held steady at weaker levels, though new orders improved. The ISM’s manufacturing PMI was unchanged at 47.2 last month.
  • (Reuters) Japan's new prime minister, Shigeru Ishiba, said on Tuesday he hoped the central bank would maintain loose monetary policy "as a trend" as the government seeks to get the country fully out of the deflation that has weighed on it for most of the last three decades. Ishiba said his administration will carry over the economic policy of former Prime Minister Fumio Kishida, and "ensure Japan fully emerges from deflation."
  • Today, the local calendar will see Monetary Base and Consumer Confidence data alongside BoJ Rinban Operations covering 1-5-year and 25-year+ JGBs.