BRAZIL: December Manufacturing PMI Dips to 47.6

Jan-02 13:02

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* "S&P Global Brazil Dec. Manufacturing PMI 47.6 vs 48.8 in Nov." (BBG)...

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US TSY FUTURES: BLOCK: Mar'26 30Y Ultra Bond Sale

Dec-03 13:01
  • -1,300 WNH6 119-29, sell through 119-30 post time bid at 0744:00ET, DV01 $240,000.
  • The contract trades 119-28 last (+7)

BONDS: Gilts Draw Support From Tsys, BTPs Still Outperform EGB Peers

Dec-03 12:58

Gilts outperform EGBs in recent trade, with an extension higher in U.S. Tsys providing support to wider core global FI markets. Macro headline flow remains limited ahead of the impending ADP report.  

  • Bund yields within 1bp of yesterday’s close while gilts twist flatten. Gilt/Bunds threatening a break below 170bp, on track for the lowest close of ’25. A break of the round number would expose the Sep ’24 closing low at ~162bp.
  • BTPs the outperformer in the EGB space, deriving support from firmer-than-expected Italian PMI data and uptick in European equities. BTP/Bund spread on track for the first sub-70bp close since ’10.

EQUITY OPTIONS: Large Lloyd's Bank Call

Dec-03 12:55

LLOY (19th Dec) 92c, bought for 5.10 in 10k.