ASIA: Coming Up In Asia Pac Markets On Monday
May-11 21:08
| 0050BST | 0750HKT | 0950AEST | Japan Mar BoP |
| 0050BST | 0750HKT | 0950AEST | Japan Apr Bank Lending |
| 0100BST | 0800HKT | 1000AEST | South Korea First 10 days May Trade |
| 0600BST | 1300HKT | 1500AEST | Japan Apr Eco Watchers Survey |
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US TSYS: Fed Holds Right Stance, Modestly Restrictive: NY Fed Williams
Apr-11 19:16
- Treasuries look to finish weaker Friday, off late morning lows after the bell, curves bear flattening after posting steeper levels on the open.
- Tsy Jun'25 10Y futures currently trade 109-24 (-27) -- after breaching a couple levels of support to mark a session low ofg 109-08, curves flatter/off early highs: 2s10s currently -2.061 at 53.192 (65.521 high), 5s30s -8.343 at 71.171 (86.760 high). 10Y yield at 4.4797% +.0548 vs. 4.5864% high.
- Treasury futures moving off lows after lower than expected PPI (prior up-revised slightly): PPI readthrough for core PCE looked fairly neutral on net vs expectations - core PCE will likely come in slightly higher than core CPI as expected but there won't be a huge margin (0.06% M/M core CPI vs ~0.11% core PCE consensus pre-PPI, either way a pullback from 0.365% M/M core PCE in Feb)
- Treasury futures holding near lows after lower than expected UofM sentiment & higher than anticipated inflation expectations. To put April's UMich consumer sentiment and inflation expectations into long-term perspective: we're back to the early 80s for 5-10Y inflation expectations (6.7%), but overall consumer sentiment is even worse now than it was then (around record lows at 47.2 in April).
- Cross asset: Stocks hold moderate gains (SPX eminis 100.0 at 5401.0), Gold climbed to a new high of 3244.39, Bbg US$ index lower at 1234.71 (-11.55).
US TSY FUTURES: BLOCK: Jun'25 5Y Buy
Apr-11 19:01
+6,600 FVM5 107-13.25, buy through 113-13 post time offer at 1445:30ET, DV01 $270,000. The 5Y contract trades 107-11.75 last (-18.75)
US STOCKS: Late Equities Roundup: Moderate Risk-On, Banks Kickoff Earnings
Apr-11 18:55
- Stocks trade firmer late Friday, off highs - and certainly off Wednesday's post-tariff pause highs. Stocks support earlier in the second half likely had more to do with Boston Fed Collins Fed "tools" comments than Pres Trump's open door policy with CEOs.
- Information Technology and Materials sectors continued to underpin major indexes with, the DJIA trades up 593.89 points (1.5%) at 40170.92, S&P E-Minis up 88.25 points (1.66%) at 5387.5, Nasdaq up 280.8 points (1.7%) at 16659.92.
- Semiconductor and hardware makers continued to buoy the Tech sector: Monolithic Power Systems +8.21%, Applied Materials +4.89%, Advanced Micro Devices +4.84%, Broadcom +3.92%, Dell Technologies +3.88% and QUALCOMM +3.30%.
- The Materials sector well bid as Gold surged to new high of 3244.39 Friday: Newmont +9.13%, Mosaic +6.36%, Freeport-McMoRan +6.22% and Martin Marietta Materials +3.75%.
- On the flipside, Consumer Discretionary and Communication Services sectors underperformed in the second half, Aptiv -3.58%, Norwegian Cruise Line -2.97%, Deckers Outdoor -1.64%, Tesla -1.49% and Tapestry -1.43% weighed on the Discretionary sector.
- Meanwhile, interactive media and entertainment shares weighed on the Communication Service sector: Warner Bros Discovery -2.53%, Paramount Global -2.34%, Fox Corp -1.28% and Charter Communications -1.21%.
- Of note, the latest earning cycle kicked off in earnest this morning with Bank of NY Mellon, Wells Fargo, JP Morgan and Morgan Stanley reporting.
