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JGBS AUCTION

Japanese MOF sells Y2.0685tn 5-Year JGBs:

JGBS AUCTION

Japanese MOF sells Y2.8674tn 1-Year Bills:

EQUITIES

Markets Lower

OIL

Crude Futures Extend Losses

FOREX
FOREX: Sterling off well over 2% from the Wednesday high on Cabinet turmoil
-The pound grabs the headlines once again with May's Brexit deal on the ropes as
she suffers a wave of cabinet resignations (most notably Brexit secretary Raab)
calling her negotiations with Brussels into question. She addresses parliament
at 1030GMT. GBP/USD fell the best part of 200 pips within an hour as markets
continue to write down the chances of a smooth transition for the UK -
compounded by a surprisingly poor retail sales report. The GBP/USD move bottomed
out at $1.2796 so far. Despite rallying sharply against the GBP, the EUR is also
suffering from Brexit spillover - the second weakest in G10.
-At the other end of the table, antipodeans trade particularly well on the back
of Australia's strong jobs report: unemployment unexpectedly fell to 5.0%, with
total jobs gained well over 50% above forecast. AUD/USD is yet to recover $0.73,
however, with the USD index recovering modestly ahead of the NY crossover. 
-US retail sales, import price index and weekly jobs data takes focus with
speeches also due from ECB's Coeure, Praet and de Guindos as well as Fed's
Quarles, Powell, Bostic and Kashkari.