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Market Roundup: Reversing Course as Saudis Deny Production Inc Heads

US TSYS
Tsys reverse course - following Saudi officials denying earlier headlines of a production hike.
  • Tsys broke narrow range/rallied higher earlier w/ equities following WSJ write-up that "Saudi Arabia and other OPEC members are reportedly considering production increases of up to 500K BPD." Crude prices fell to mid-Jan'22 low at 75.82 (-4.26) have bounced appr $4Bbl on the denial a few minutes ago.
  • Tsys had been holding near session highs after the $42B 2Y Note auction (including $45B 26W bills) stopped out: 4.505% high yield vs. 4.512% WI; 2.64x bid-to-cover vs. 2.59x prior.
  • Coming up at 1300ET: $43B 5Y Note (and $45B 13W bills) - Tsy auctions front ended ahead Thursday Thanksgiving holiday closure (full session Wednesday, Friday 1200ET close/1215ET Globex).
  • Yield curves bull flattened, 2s10s to new all-time inverted low of -75.741 on the first half rally, rebounding to -72.625 (-1.577) post-2Y auction.
  • Deceptively robust futures volumes at noon: TYZ2>1.12M due to pick-up in rolling to Mar'23 futures ahead next week's first notice on Wed, Nov 30.
  • Focus on Wednesday's FOMC meeting minutes at 1400ET.
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