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Market Roundup: Off Lows, PM Truss Working Out the Kinks

US TSYS
Tsys weaker into midday, but well off late overnight lows to top of the range as London goes home for the evening.
  • Little reaction to Fed speakers on the day, Bullard: "This is probably a good time to get inflation under control while the labor market is doing so well." Weekly claims lower than exp (193k vs. 215k; continuing claims 1.347M vs. 1.385M est), GDP slightly higher at 9.0% vs. 8.9% est.
  • Stocks weaker/off lows as well, SPX eminis -68.0 at 3664.0, Gold firmer +4.23 at 1644.15, Crude holding onto yesterday's gains w/ WTI +0.5 at 82.65, US$ index -.281 at 112.323 (while GBP taps 1.110 high)
  • On the open, FI mkts had scaled back decent portion of Wed's BOE buy program-tied rally w/ PM Liz Truss continued defense of the mini-budget on BBC radio, strong regional German CPI overnight adding to moves. Second round of BoE Gilt purchases underutilized: GBP1.415bln of long-dated gilts. Rejects GBP442.8mln offers. Take-up higher than Wed - but still relatively low, GB2.5B of 10B thus far.
  • Still working out the kinks, PM Truss on regional BBC TV: BEST TO START TODAY ON GOVERNMENT'S FISCAL PLANS as WE"RE IN A VERY SERIOUS SITUATION.
  • Technical view for TYZ2 at 111-30 (-29.5): Tsys remain vulnerable despite Wed’s climb. The latest extension of the downtrend together with this week’s move lower, has reinforced current conditions. A bearish price sequence of lower lows and lower highs and bearish moving average studies clearly highlight the market's bearish sentiment. The focus is on 109-26+ a lower moving average band value. Initial resistance is last Friday’s high of 112-30+.
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