MNI China Daily Summary: Wednesday, November 20

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Off Highs, German & UK Curves Bull Steepen

BONDS
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The Bund rally stalled ahead of the previously flagged resistance level at 134.51.

  • A move away from session lows in crude oil futures and extension higher in European equities also factored in.
  • Wider core global FI markets pulled back from best levels alongside Bunds.
  • Bunds and gilts bull steepened in the wake of the German state level CPI.
  • EGB spreads to Bunds are within 1bp of yesterday’s closing levels.
  • National German CPI data is due shortly.
  • Weekly U.S. jobless claims data is due in ~35 minutes, with the potential for larger than usual moves given the Fed’s increased focus on the employment side of its dual mandate.
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The Bund rally stalled ahead of the previously flagged resistance level at 134.51.

  • A move away from session lows in crude oil futures and extension higher in European equities also factored in.
  • Wider core global FI markets pulled back from best levels alongside Bunds.
  • Bunds and gilts bull steepened in the wake of the German state level CPI.
  • EGB spreads to Bunds are within 1bp of yesterday’s closing levels.
  • National German CPI data is due shortly.
  • Weekly U.S. jobless claims data is due in ~35 minutes, with the potential for larger than usual moves given the Fed’s increased focus on the employment side of its dual mandate.