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JGB TECHS

(M2) Correction Extends

US STOCKS

Late Session Rebound

AUSSIE 10-YEAR TECHS

(M2) Corrective Cycle Remains In Play

AUSSIE 3-YEAR TECHS

(M2) Gains Still Considered Corrective

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US TSY FLOWS
US TSY FLOWS: Tsy futures trading weaker w/Bunds and Gilts, curve steeper
w/futures off recent lows on moderate volume (TYZ>270k). Mild unwind, position
squaring ahead Fed chair Yellen open remarks at banking conf in St Louis Wed at
1515ET, and Fri's NFP (+73k est). Equities firmer (emini +1.5, 2527.75), gold
little weaker (-0.23, 1270.70), oil weaker (WTI -0.14, 50.44).
- Asia, Tsys inched lower after steady/mixed open. Flow included Asian central
bank buying short end, real$ selling intermediates, particularly 10s with $mngr
and Japanese insurance portfolio selling as well. Hong Kong back from Mon
holiday, Hang Seng surge >3%, China bank shares outperform after reserve
requirement ratio cut for some banks (annc Sunday).
- London, two-way flow early w/TYZ bounce to steady before selling off again.
Flow included real$ and foreign central bank buying 2s and 3s, Asian bank and
real$ bought 5s, credit-tied sales 10s with prop and option-tied sales,
deal-tied hedging weighing.
- Swaps, spds mixed, spd curve flatter amid 2-way curve flow.
- Eurodollars, mildly weaker, short end outperforming.
MNI Chicago Bureau | +1 312-431-0089 | bill.sokolis@marketnews.com
MNI Chicago Bureau | +1 312-431-0089 | bill.sokolis@marketnews.com

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