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JGB TECHS

(M2) Correction Extends

US STOCKS

Late Session Rebound

AUSSIE 10-YEAR TECHS

(M2) Corrective Cycle Remains In Play

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Much stronger than expected AU.........>

AUSSIE BONDS
AUSSIE BONDS: Much stronger than expected AU labour market data weighed on AU
Bonds after a sedate start to the session, with outright futures operating
at/near session lows last.
- The headline change in employed persons came in at +44.0K vs. MNI Median
+15.0K as full- and part-time employed numbers rose, with the unemployment rate
holding steady at 5.3% as exp. on the back of an uptick in the participation
rate to 65.7% from 65.5%.
- The AU curve has bear flattened with the 3-/10-Year yield differential last
dealing at 56.5bp, while the AU/U.S. 10-Year spread trades back at ~-36.0bp as
AU paper underperformed on the labour market induced sell off.
- The Bill strip is trading 1 to 2 ticks softer. 3-Month BBSW fixed ~0.7bp lower
at 1.9267%.
- On the corporate issuance front, AT&T launched 5-, 7- & 10-Year fixed & 5-Year
FRN kangaroo lines, while SocGen launched 5-Year paper.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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