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(X1) Bearish Focus


(Z1) Bearish Outlook Remains Intact


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There has been a slight breakdown in....>

EGB SUMMARY: There has been a slight breakdown in the usually tight correlation
between the yen and US Treasury yield this morning, as the US market re-opened.
The yen remained firm in the face of North Korean threat but Treasury yields
haven't really traced the lower path suggested. 
- This morning, Bunds are also on the back-foot in the first proper trading day
in September; the 10Y Bund yield is 1bp higher at 0.375%.
- EGB curves everywhere are making a small bear steepening push but there is no
strong conviction in the move.
- The European calendar roll season is in full swing and while some big non-roll
trades are showing up, sources say that many of these are likely to be the usual
transfer of positions between separate legal entities of the same group. These
trades show up at roll time.
- The final Eurozone PMI data for August will be the highlight of the session.
Austria also sells 1.38bln nominal of 10 and 20Y debt today, although the 152
handle of the RAGB 2037 being sold suggests that much more cash may actually be
paid. There is a growing possibility of SSA issuance now that September is here.