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Rates, Stocks, Metals Stronger, Bitcoin Rout

US TSYS
Treasury futures finished broadly higher Tuesday, near late session highs, yield curves bull-flattening (2s10s -1.701 at -53.145 vs. -56.297 low) after holding steeper earlier in the first half.
  • Skittish first-half trade: Tsys sold off ahead the NY open apparently reacting to a misinterpreted German debt headline (more than doubling debt issuance next year).
  • Tsys followed Bunds off lows as it became clear Germany is not doubling net debt, just a comparison to earlier projections, as opposed to an actual figure.
  • Tsys see-sawed higher from midmorning on - no obvious headline trigger for move, volumes rather modest (TYZ2<575k) while some trading desks noted stops triggered on the way up. Dec 10Y futures at 110-06 still well off first resistance of 110-25 20D DMA.
  • Cross asset: Gold surged over 40.0 to 1716.75 high, while equities gaining upside support - lead by metals and mining shares. Sharp rout in Bitcoin (-15%) coincided with stocks reversing gains in late trade before staging a late rebound.
  • Treasury futures helding gains after $40B 3Y note auction (91282CFW6) stops through: 4.605% high yield vs. 4.615% WI; 2.57x bid-to-cover steady to last month.
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