MNI BRIEF: Japan Q2 GDP To Be Slightly Revised Up

MNI BRIEF: German Firms Expanding R&D In China

CHINA AUGUST CAIXIN MANUFACTURING PMI 50.4 VS 49.8 IN JULY

MNI: PBOC Sets Yuan Parity Lower At 7.1027 Mon; +2.85% Y/Y

CHINA PBOC CONDUCTS CNY3.5 BILLION VIA 7-DAY REVERSE REPOS MON

MNI: PBOC Net Drains CNY467.5 Bln via OMO Monday

EZ/UK Bond Supply Calendar: UK Syndication; AS, DE Due Tuesday

MNI: UK AUG FINAL MANUFACTURING PMI 52.5 (FLASH: 52.5); JUL: 52.1

MNI: ITALY Q2 FINAL GDP  +0.2% Q/Q (+0.2% FCST)

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

UK: Week Ahead

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

Yields Higher Despite Headline Jobs Miss

US TSYS
Headline Dec jobs figure way off the mark (+199k vs. +445k est), the reaction not what you would expect as Tsys traded weaker until late morning.
  • Tsy futures traded weaker after Dec jobs gain of +199k missed a +447k estimate -- weak yes, but focus quickly turned to solid underlying data: household survey gain +650k, hourly earnings +4.7% YoY, unemployment drop to 3.9%, not to mention the Nov (modest) up-revision to +249k from +210k.
  • Tsys bottomed out by late morning, 30YY hit 2.1432%H, 10YY 1.7992%, recovering near half the move/near midrange by the bell.
  • Decent session volumes (TYH2>1.65M) amid otherwise quite late trade. Rates mostly weaker, curves steeper with short end outperforming (heavy TUH volume >445k), long end near middle session range.
  • Two-way flow w/better buyers in short end long end since midday as accts look to next week's data: CPI (0.4% vs. 0.8% prior), PPI (final demand MoM 0.4% vs. 0.8% prior) and Retail Sales (+0.0% est vs. 0.3% prior).
  • The 2-Yr yield is down 0.2bps at 0.8641%, 5-Yr is up 2.8bps at 1.497%, 10-Yr is up 4.4bps at 1.7655%, and 30-Yr is up 3.7bps at 2.1123%.
BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

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.