MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1843 Weds; -1.22% Y/Y

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

MNI: JAPAN NOV CORP GOODS PRICE INDEX +3.7% Y/Y; OCT REV +3.6%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Tsys Futures Sell Off On Month/Quarter-End Positioning, Curve Steepens

US TSYS
  • Treasury futures tracked higher after UofM Inflation expectations were revised lower, although the move was short lived, as rates as well as equities reversed course, extended lows heading into the London close. No obvious headline driver, trading desks widely cited month end, positioning squaring ahead of the first round of French elections (June 29-30). TUU4 finished -0-00⅜ at 102-03+, while we have opened down a touch this morning at 102-01⅜, TYU4 closed down -0-08+ at 109-31+ and has opened trading on Monday down another -0-13 at 109-18+.
  • TYU4 has broken below initial support at 109-26+ this morning with the next support now 109-00+ (Jun 10 low), to the upside resistance lays at 110-25 (Jun 14 high), a break here would open a move to 111-13 (Mar 25 high)
  • Cash treasury curve near-steepened on Friday with yields 4-13bps. The 2Y +4.2bps at 4.753%, 5Y +7.9bps at 4.377% while the 10Y was +11bps at 4.396%, the 2y10y was +6.814 at -45.946.
  • In-line with the steepening, projected rate cut pricing through year end looks steady to mildly higher vs. pre-data levels (*): July'24 at -10% w/ cumulative at -2.5bp at 5.302%, Sep'24 cumulative -18.6bp (-17.5bp), Nov'24 cumulative -27.6bp (-26.6bp), Dec'24 -47.3bp (-45.3bp).
  • Looking ahead, S&P Global US Manufacturing PMI, ISM Manufacturing, Construction Spending MoM
Homepagemarkets-real-timeBulletMarketsFixed Income Bullets
Homepagemarkets-real-timeBulletMarketsFixed Income Bullets

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.