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Positive Risk Sentiment Limits Core FI But JGBs Manage To Eke Out Gains
The risk switch was flicked to on, which resulted in core FI coming under some modest pressure. Regional reaction to the compromise short-term offer on raising the debt ceiling extended by Senate minority leader McConnell to Democratic lawmakers likely underpinned positive risk sentiment. In addition, the White House confirmed plans to hold a virtual Biden/Xi summit by the year-end, providing some geopolitical respite.
- T-Notes edged lower amid an uptick in U.S. e-mini futures, last trade -0-03 at 131-20. The contract held a 0-05 range through the session. Cash U.S. Tsy yield sit 0.6-1.4bp higher across the curve. Eurodollars last seen +0.5 to -2.5 ticks through the reds. Domestic focus turns to weekly jobless claims, comments from Fed's Mester and any fresh developments on the fiscal front.
- JGB futures whipsawed, reversing their initial gains into the Tokyo lunch break. The contract caught a fresh bid in afternoon trade, rallying towards yesterday's highs amid lacklustre headline flow. It last trades at 151.43, 13 ticks above Wednesday's settlement. Cash JGB yields have eased off, with belly outperforming. The 5- to 15.5-Year liquidity enhancement auction saw average spread match high spread, with bid/cover ratio printing at 3.95x (prev. 4.06x).
- Selling pressure hit Aussie bond futures from the off. YM last trades -3.0, with XM +3.5, both off earlier lows. Cash ACGB yield curve twist flattened, with yields last seen +3.0bp to -4.0bp. Bills run 1-4 ticks through the reds.
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