POWER: Norwegian, Swedish Hydro Stocks Declined in Week 40 - Reuters
Oct-08 11:16
"NORWAY'S WATER RESERVOIRS 79.3% FULL VS 79.6% IN PREVIOUS WEEK" "SWEDEN'S WATER RESERVOIRS 80.7% FU...
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OUTLOOK: Price Signal Summary - Bull Cycle In Bunds Intact
Sep-08 11:15
- In the FI space, Bund futures rallied sharply higher Friday and this has resulted in a break of resistance at 128.87, the Aug 28 high and short-term bull trigger. The climb undermines a recent bearish theme and highlights a stronger reversal. Price has moved through the 129.00 handle, signalling scope for an extension towards 129.50, the Aug 5 high. Key support and the bear trigger has been defined at 127.61, the Sep 3 low. First support is at 128.25, the Sep 4 low.
- A strong rally in Gilt futures last week highlights a stronger corrective cycle. Note that a move higher is allowing an oversold trend condition to unwind. The contract has breached initial firm resistance at 90.84, the Aug 28 and 29 high. A continuation higher would open 92.06, the Aug 14 high. For bears, a reversal lower and a resumption of the bear leg would signal scope for a move towards 89.22 next, a 1.618 projection of the Aug 21 - 27 - 28 price swing. Initial support lies at 90.31, the Sep 4 low.
PIPELINE: Corporate Bond Roundup: Westpac NZ, KDB on Tap
Sep-08 11:14
- Date $MM Issuer (Priced *, Launch #)
- 09/08 $Benchmark Korea Development Bank 5Y SOFR+68a
- 09/08 $Benchmark Westpac NZ 5Y +85a
- 09/08 $Benchmark Denso 5Y inv calls
- 09/08 $Benchmark PIF 10Y +120a
- 09/05 No new US$ corporate issuance Friday after $98.95B total since Tuesday- most since the first week of January ($135.55B)
US TSYS: Modestly Twist Steeper Within Payrolls Driven Ranges
Sep-08 11:01
- Treasuries sit twist steeper but within Friday’s payrolls-driven range.
- The JGB curve twist steepened following Sunday’s resignation of LDP leader Ishiba although spillover to Treasuries was limited with the Asia cash open.
- It’s a quieter start to the week with Trump remarks to the White House Religious Liberty Commission at 1010ET possibly the main scheduled event along with the NY Fed's consumer survey including its inflation expectations.
- Greater focus is on preliminary payrolls benchmark revisions, PPI and CPI over Tue-Thu, with previews for those out later today and tomorrow.
- Cash yields are between 0.8bp lower (2s) to 1.8bp higher (30s).
- Curves are off recent steeps, including 2s10s at 58.3bp off Wednesday’s 63.9bp and 5s30s at 119.3bp off 126.9bp post-NFPs (multi-year steeps).
- TYZ5 trades near unchanged at 113-11 (-01+) on modest cumulative volumes of 265k.
- The post-payrolls high of 113-21+ marked another fresh short-term cycle high and points to a bullish structure. It marks resistance after which lies 113-26+ (2.764 proj of Jul 15-22-28 price swing) whilst support is seen at 112-28+ (Sep 5 low).
- Data: NY Fed consumer survey Aug (1100ET), Consumer credit Jul (1500ET)
- Bill issuance: US Tsy $82B 13W & $73B 26W bill auctions (1130ET)
- Politics: Trump delivers remarks (1010ET)
