US TSY FUTURES: Net Long Setting Dominated On Wednesday
Sep-11 10:14
OI data points to a mixture of net long setting (TU, FV, TY, UXY & WN) and short cover (US) during Wednesday’s uptick in futures, with the former dominating in net DV01 terms.
| 10-Sep-25 | 09-Sep-25 | Daily OI Change | OI DV01 Equivalent Change ($) |
TU | 4,485,007 | 4,484,877 | +130 | +4,547 |
FV | 6,841,858 | 6,789,454 | +52,404 | +2,339,054 |
TY | 5,288,290 | 5,264,095 | +24,195 | +1,601,613 |
UXY | 2,374,168 | 2,365,244 | +8,924 | +791,024 |
US | 1,818,326 | 1,828,101 | -9,775 | -1,399,915 |
WN | 2,026,591 | 2,021,086 | +5,505 | +1,034,134 |
|
| Total | +81,383 | +4,370,457 |
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UK DATA: MNI UK Labour Market Review: August 2025 Release
Aug-12 10:07
- The August UK labour market release was on balance stronger-than-expected, with 3m/3m employment growth surprising to the upside and the unemployment rate holding steady despite some risks of a one tenth increase.
- However, private sector regular pay data remains consistent with the idea that wage growth is slowing. Meanwhile, data such as vacancies, RTI-PAY payrolls and other labour market metrics/surveys point to more subdued developments than the headline LFS figures suggest.
- We have argued that a continually softening labour market is a necessity for another quarterly cut in November. The August release was worth a modest hawkish reaction in BOE implied pricing, but there’s still far too much data (on both inflation and the labour market) to come before excluding a November cut. OIS markets currently price ~11bps of easing through that meeting.
FINLAND AUCTION RESULTS: 3.00% Sep-35 / 0.25% Sep-40 RFGBs
Aug-12 10:05
| 3.00% Sep-35 RFGB | 0.25% Sep-40 RFGB | |
| ISIN | FI4000587415 | FI4000440557 |
| Amount | E797mln | E702mln |
| Previous | E780mln | E351mln |
| Avg yield | 3.050% | 3.411% |
| Previous | 3.011% | 3.033% |
| Bid-to-cover | 1.73x | 1.83x |
| Previous | 1.86x | 1.34x |
| Avg Price | 99.57 | 63.20 |
| Pre-auction mid | 99.360 | 63.059 |
| Prev avg price | 99.91 | 65.33 |
| Prev mid-price | 99.721 | 65.347 |
| Previous date | 20-May-25 | 24-Oct-24 |
Source: Bloomberg Finance L.P.
SOFR OPTIONS: Outright Put Buyer
Aug-12 10:04
SFRM6 96.50p, bought for 21.5 in ~5k.
