US MBA: REFIS -1% SA; PURCH INDEX -1% SA THRU SEP 2 WK
Sep-07 11:00
- US MBA: REFIS -1% SA; PURCH INDEX -1% SA THRU SEP 2 WK
- US MBA: UNADJ PURCHASE INDEX -23% VS YEAR-EARLIER LEVEL
- US MBA: 30-YR CONFORMING MORTGAGE RATE 5.94% VS 5.80% PREV
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LIBOR: US FIX - 08/08/22
Aug-08 10:58
- US00O/N 2.31729 0.00529
- US0001M 2.38857 0.01914
- US0003M 2.91157 0.04486
- US0006M 3.56886 0.14329
- US0012M 3.99471 0.13485
US TSYS: Treasuries Flatten Further Into Extremely Light US Docket
Aug-08 10:50
- Cash Tsys have bull flattened overnight as levels see a partial retracement of Friday's substantial post-payrolls sell-off, helped in part by a dampening in risk with China announcing its intentions to conduct "regular" drills near Taiwan before a limited European morning aside from a small beat in Sentix Investor confidence.
- Continued hawkish Fedspeak over the weekend (see separate bullet) keeps front-loaded hike expectations at the forefront of market attention and with it 2s10s only just off fresh post-2000 flats seen on the immediate reaction to a storming payrolls report at -41bps vs -44bps, with TD not ruling out -80bps in their payrolls review as the long-end pencils in a greater likelihood of a downturn.
- 2YY -1.2bps at 3.214%, 5YY -2.2bps at 2.932%, 10YY -2.9bps at 2.799% and 30YY -3.0bps at 3.037%.
- TYU2 trades 9 ticks higher at 119-21 as it moves off Friday's low of 119-07+ and with support at the 50-day EMA just below at 119-05+. Resistance is seen at 120-29 (Aug 4 high). Volumes are low but typically so for this time of year.
- No data or scheduled Fedpseak on an empty docket aside from bill issuance with US Tsy $54B 13W, $42B 26W bill auctions at 1130ET.
BOND SUMMARY: EGB/Gilt: Italian Politics In The Spotlight
Aug-08 10:46
European government bonds have started the week on a strong footing with BTPs being the notable exception amid a fresh bout of political instability. Equities have similarly edged higher, while G10 currencies are gaining ground against the dollar.
- Having agreed to form an alliance with the Democratic Party and the +Europe party just last week, the centrist Azione has now pulled out with party head Carlo Calenda starting that "the pieces just didn't fit together". The alliance was formed in an attempt to prevent a more right-wing government coming to power following the September 25 vote.
- BTPs have traded lower with yields up 1-4bp, the curve bear flattening and spreads over bunds widening.
- Bunds opened higher and have held on to the majority of the morning's gains. Cash yields are down 2-5bp with the belly of the curve outperforming.
- OAT yields are now 1-4bp lower on the day.
- Gilts have outperformed EGBs this morning with yields down 4-8bp. Second quarter GDP data will be published on Friday and follow's last week's particulary downbeat economic assessment from the Bank of England.
- France will offer EUR4.6-5.8bn of BTFs later today.
- The European data slate was light this morning with no tier one releases to note.
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