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Light Early Flattening Futures, Docket Picks Up Later In Week


YM starts the week a touch lower, with the move linked to the same ECB sources/Russia news combination we flagged in our U.S. Tsy comment, while XM is a little better bid, perhaps in sympathy with the twist flattening observed in Tsys on Friday. Cash ACGBs sit 2-3bp richer across the curve.

  • This comes after the major Aussie bond futures contracts bull steepened in the final overnight session of last week, but finished off of session steeps.
  • There hasn’t been much in the way of major weekend news flow to digest in Australia.
  • Monday’s local docket is empty, which will leave futures roll activity and headline watching at the fore. Things pick up as we move through the week, with the labour market report (Thursday) dominating the domestic calendar, supplemented by the major business and consumer confidence readings, as well as CBA household spending data (all due Tuesday).
  • Also note that Australia has confirmed that Thursday 22 September will be a national holiday, owing to the passing of Queen Elizabeth II.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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