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US TSYS: Tsys have edged lower, although T-Notes are off of worst levels after
regional stocks moved back from session highs, with risk sentiment buoyed in the
early part of the Asia-Pacific session following Wednesday's WSJ story re:
U.S./China trade talks. Mainland Chinese stocks sit near neutral levels, with
traders still jittery as the spectre of the trade war hangs over them.
- Higher AU yields following a strong AU labour market report also added weight.
- Wednesday drew dovish remarks from Fed's Bullard which resulted in little
fresh information, while Fed's Brainard noted that further gradual hikes are
likely to be appropriate, with above neutral rates likely to be warranted.
- Wednesday also bought a strong 10-Year Note auction, which stopped through by
0.5bp, with the cover ratio edging higher and dealer takedown easing. - Early
Asia dealing saw selling interest in EDM9M0 & EDZ9Z0. The Eurodollar strip last
trades unch. to 1.5 ticks lower. In Fed Funds futures Wednesday saw a late 100K
seller in FFV8.
- U.S. CPI, Fed's Bostic & 30-Year supply headline Thursday.
- T-Notes last 119.12+, U.S. 10-Year cash Tsy yields last 2.964%.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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