Trial now

Needle Still Points North


Bearish Correction Still In Play

US TSYS: Tsys came under some modest pressure in early Asia-Pacific trade, with
broader risk-on flows apparent. However, the scale of the move was limited, and
largely driven by a ~4.0K sell order in TYH9, with the benchmark contract and
cash yields sticking to tight ranges as U.S. equity index futures & regional
stock benchmarks moved higher. Yields are up 0.5-0.9bp at writing.
- Chinese policymaker comments re: familiar stimulus measures provided little in
the way of fresh insight, with the market focused on familiar themes i.e. the
ongoing U.S. gov't shutdown (with the Dems trying to pass a stopgap funding bill
and talk of cross party meetings) & Fedspeak ahead of the blackout period. There
is also growing speculation re: an impending summit between U.S. Pres. Trump &
North Korean leader Kim.
- Swap flow was anaemic.
- The Eurodollar strip trades unchanged to 1.0 tick lower across the whites and
- T-Notes last 121.28, U.S. 10-Year cash Tsy yields last 2.711%.
MNI London Bureau | +44 0203-865-3809 |