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US Stock Futures Look to Test Week's Lows Ahead of NY Open

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  • Gilt futures have opened lower and after moving almost 50 ticks lower at one point and hitting a low of 124.16, they had moved back to 124.40 at the time of writing.
  • Our technical analyst notes first resistance is at 124.08, the October 13 low, ahead of the 123.44 bear trigger (the October 11 low).
  • The yield curve has seen a move higher on Bailey's weekend comments that central banks need to act on the back of energy prices pushing up inflation expectations.
  • 2s5s are unchanged on the day. However, we have seen some flattening of 5s10s (down 1.3bp on the day) and 10s30s (down 0.9bp on the day). Hence, 5s30s is the big mover, down 2.2bp on the day.