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SAGBs Bull Flatten, 10Y Eyes 10.00 Handle


Keep an eye on Euribor


Pullback Considered Corrective


Positive Short-Term Tone

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Treasuries have traded weaker while the S&P and Nasdaq recovered most of the losses posted earlier in the session.

  • UST cash yields are now 1-4bp higher on the day with slight underperformance in the belly of the curve. TYZ1 trades at 133-02, towards the bottom end of the day's range (L: 132-30 / H: 133-14+).
  • US retail sales data for August surprised higher with Advance reading coming in at 0.7% M/M vs -0.7% expected and the Ex Auto figure printing 1.8% M/M vs the 0% consensus.
  • The US, UK and Australia earlier announced a new security pact in a bid to counter Chinese naval power in the South China Sea. Under the new AUKUS agreement, the US and UK will assist Australia in building nuclear submarines. The move was warmly received by Taiwan and Japan, while being swiftly rebuked by China as well as France, which has now lost a previous submarine deal struck with Canberra.