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Markets Roundup

US TSYS
  • Front month Treasury futures extending session highs, moderate risk-off support with stocks extending lows in the last few minutes: SPX Eminis through 20-day EMA support of 4128.95 earlier to 4102.25 low. Focus on next support at 4086.73 50-day EMA.
  • Underperforming sectors: Energy, Materials and Industrials continue to lead the sell-off in SPX, Financials near the middle of the pack while shares of First Republic Bank (FRC) fall nearly 50% recently.
  • Bbg reports FRC is exploring divesting $50B to $100B of long-dated securities and mortgages as part of a broader rescue plan, Bloomberg reports according to people with knowledge of the matter.
  • Treasury curves bull steepening (2s10s +2.328 at -57.912 as 2s outperform following today's 2Y auction: 3.969% high yield vs. 3.965% WI; 2.68x bid-to-cover.
  • The rally in 10s undermines the recent bearish theme with price trading above both the 20- and 50-day EMAs. A continuation higher would signal scope for a climb towards 116-08, the Apr 12 high and expose the key resistance at 117-01+, the Mar 24 high.
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