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ASIA STOCKS: Tsys Futures Edges Higher, Belly Of Curve Outperforming

ASIA STOCKS
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  • The belly of the curve has outperformed throughout the session, there hasn't been too much in the way of headlines, with the moves largely a continuation from overnight, following easing tensions in Russia/Ukraine. In tsys futures TU is +00⅝ at 102-24⅝, while TY is trading +03 at 109-08+. There hasn't been anything of note to highlight in terms of flows, roll activity had picked up though.
  • Cash tsys yields are 1.5 to 2.5bps richer today, with curves slightly flatter. The 2s10s is -0.5bps at 22.670 but trades just 0.5bps steeper over the past week, while the 2s20s is unchanged today but is 2.5bps steeper over the week.
  • The 2yr yield is -1.9bps at 4.251% and about 5bps lower this week, the 7yr is outperforming today -2.4bps at 4.404% while the 10yr is -2bps at 4.484%. The 2s7s30s fly is -1bps and now trades -7bps over the past three sessions to trade at -18bps.
  • OIS isn't pricing in a full cut until September, with a cumulative 39bps of cuts priced by year-end.
  • Friday focus on S&P flash PMI data at 0945 followed by UofM sentiment and existing home sales data at 1000ET.
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  • The belly of the curve has outperformed throughout the session, there hasn't been too much in the way of headlines, with the moves largely a continuation from overnight, following easing tensions in Russia/Ukraine. In tsys futures TU is +00⅝ at 102-24⅝, while TY is trading +03 at 109-08+. There hasn't been anything of note to highlight in terms of flows, roll activity had picked up though.
  • Cash tsys yields are 1.5 to 2.5bps richer today, with curves slightly flatter. The 2s10s is -0.5bps at 22.670 but trades just 0.5bps steeper over the past week, while the 2s20s is unchanged today but is 2.5bps steeper over the week.
  • The 2yr yield is -1.9bps at 4.251% and about 5bps lower this week, the 7yr is outperforming today -2.4bps at 4.404% while the 10yr is -2bps at 4.484%. The 2s7s30s fly is -1bps and now trades -7bps over the past three sessions to trade at -18bps.
  • OIS isn't pricing in a full cut until September, with a cumulative 39bps of cuts priced by year-end.
  • Friday focus on S&P flash PMI data at 0945 followed by UofM sentiment and existing home sales data at 1000ET.