BONDS: Light Pressure As U.S. Equities & Crude Tick Higher
Jan-03 14:50
Upticks in U.S. equities and crude oil futures apply some light pressure to core global FI markets.
- Existing session lows in TY futures hold on the first test, while bears continue to struggle to force a meaningful break of yesterday’s low in Bund futures (lows of 132.88 vs. yesterday’s low of 132.90).
- Gilts in the middle of their session range.
- Bunds hold wider vs. both gilts and Tsys, aided by the hawkish repricing seen in EUR STIRs.
- German ASW spreads little changed to a touch tighter on the day.
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US DATA: Nov Services PMI Revised Lower, Overall Activity Looks Solid
Dec-04 14:50
November Composite and Services PMIs are revised down slightly in the final reading: Services to 56.1 (57.0 flash) and Composite to 54.9 (55.3 flash). That comes after an upward revision in the Manufacturing PMI (49.7 vs 48.8 flash), and shows the final Services reading as a bit less of a "beat" vs the 55.0 that had been expected at the time of the flash reading. Either way, more attention will be paid to the ISM Services reading coming up shortly.
From the release:
- "Marked increases in both business activity and new orders were signaled during the month, with rates of expansion accelerating. Companies remained wary of committing to new hires, however, and lowered employment marginally again. This contributed to an accumulation of outstanding business."
- "While input costs continued to increase sharply, the pace of inflation eased in November and output prices rose at the slowest pace in four-and-a-half years."
US TSY FUTURES: BLOCK: Mar'25 2Y Sale
Dec-04 14:50
- -7,000 TUH5 103-00.25, sell through 103-00.38 post time bid at 0944:00ET, DV01 $277,000. The 2Y contract trades 103-00.75 last (-1)
MNI: US NOV FINAL SRVCS PMI 56.1 (FLASH 57.0); OCT 55.0
Dec-04 14:45
- MNI: US NOV FINAL SRVCS PMI 56.1 (FLASH 57.0); OCT 55.0
