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Not Fussed By The Equity Bounce

US TSYS

T-Notes hovering just shy of their Thursday peak in early Asia-Pac trade, last +0-00+ at 140-01.

  • Worrisome economic data was evident on Thursday, in the form of Q2 GDP and weekly initial jobless claims (when the data is this bad the marginal beat vs. expectations really doesn't matter), while political tensions continue to swirl as President Trump pointed to a potential delay to the elections (immediately shot down by various senior GOP senators). There were no advances on the fiscal front, with the latest GOP plan voted down in the Senate.
  • Little reaction in the space to the bounce in equities during NY hours, nor to strong earnings from the mega cap tech space.
  • 10-Year yields printed below the bottom of the recent range on Thursday, marginally, with the curve going out flatter on the day.
  • The short-end saw continued focus fall on FRA/OIS tightening after the Fed extended its $ swap line agreements on Wednesday.
  • Eyes on China official PMI data in Asia-Pac hours.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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