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Looking ahead to US retail sales

BOND SUMMARY
  • Core fixed income has spent the European morning session partially retracing the losses seen during yesterday's trading day (but staying within yesterday's trading ranges). This is in spite of a move higher for European equities and US equity futures.
  • After a couple of days of very heavy supply, particularly in the Eurozone, today only sees a 20-year Irish syndication. We expect a E4-5bln transaction size.
  • Looking ahead, the highlight of the calendar will be US retail sales with consensus expecting the headline figure to come in at 5.8% M/M. Industrial production and claims data will also be watched while TIC data is also due for release.
  • The Fed speaker schedule is also fairly busy again with Logan the highlight. Bostic, Daly and Mester are all duet to speak too.
  • TY1 futures are up 0-6 today at 132-03+ with 10y UST yields down -1.9bp at 1.614% and 2y yields down -0.4bp at 0.158%.
  • Bund futures are up 0.10 today at 170.97 with 10y Bund yields down -1.2bp at -0.271% and Schatz yields down -0.1bp at -0.695%.
  • Gilt futures are up 0.17 today at 128.20 with 10y yields down -1.8bp at 0.785% and 2y yields down -0.8bp at 0.047%.
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