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Fading UK Rate Hikes


WTI, Brent Surge as Stockpiles Dwindle


Preview $24B 20Y Tsy Auction Re-Open

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Regional headline flow has been limited so far, with participants awaiting the release of China's inflation data. JGBs and ACGBs have absorbed impetus from overnight moves in U.S. Tsys.

  • T-Notes have hugged a tight 0-03+ range so far, last change hands +0-00+ at 131-07+. Cash Tsy curve has bear steepened at the margin, with yields last seen 0.6-1.5bp higher. Eurodollar futures trade unch to +0.5 tick through the reds. Local data docket is headlined by weekly jobless claims & PPI today, with plenty of Fedspeak coming up as well.
  • JGB futures edged higher in early trade, they last sit at 151.36, 11 ticks above previous settlement. Cash JGB curve has bull flattened a tad, seemingly absorbing overnight impetus from U.S. Tsys. Japan's final industrial output & comments from BoJ's Noguchi are eyed today, while PM Kishida is set to formally dissolve parliament and call a general election.
  • The ACGB space has also moved on the lead from overnight moves in U.S. Tsys. Cash curve bull flattened, with yields last seen +2.2bp to -5.0bp. Bills trade 1-2 ticks lower through the reds. Australian labour market report (due at the bottom of the hour) provides the main highlight of the local data docket. RBA Dep Gov Debelle offered no fresh insights in his latest speech, while the Reserve Bank offered to buy A$1.6bn worth of ACGBs from the market.