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Needle Still Points South


Yields Bounce as Equities Make New Monthly Highs


Heading North


Bull Rally Accelerates


Economists Survey Raises 2021 CPI Forecast To 4.9%

BOND SUMMARY: Participants have remained cautious so far, with core FI edging
away from lows. On the global trade front, China was said to be considering new
measures to stabilise trade, while Japan approved of the first round of tech
exports to South Korea since tightening export controls. T-Notes have ticked
away from lows, last trade -0-08+ at 129-28+. Cash Tsy yields sit 1.2-2.5bps
lower across the curve. Eurodollars unch. to 4.5 ticks lower thru the reds.
- JGBs have followed T-Notes in moving away from lows, they last trade at
154.44, 5 ticks above settlement. JGB yields sit a touch lower across the curve.
Little reaction noted to the latest round of Japanese BoP data. 10-Year JGBis
supply & eco watchers survey take focus from here.
- In Australia, YM trades -2.0 ticks, XM +1.5 ticks. Aussie yield curve has
twist flattened, with yields sitting -3.3bps to +2.2bps. Bills are 1-2 ticks
lower through the reds. RBA Asst Gov Bullock gave a speech on business &
financial stability, noting that Australia's largest retailers are generally
well-placed to face the challenge of sluggish domestic economy. China's trade
data, due later today, will draw some attention.