EGB OPTIONS: October Bund Put Spread And Outright Call Buying
Sep-02 14:40
- RXV2 143.00/141.00 put spread bought for (mostly) 31 in 6k
- RXV2 150.00 calls bought from 30 to 36 (vs 145.50) in 20k
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US TSY FUTURES: Post-Data Sell-Off, New 22 Year Inverted Yld Curve Lows
Aug-03 14:34
Treasury futures continue to extend lows, curves bear flattening with outsized selling in short end, 2YY hits 3.1980% high, 2s10s hits inverted low of -36.195 lvls not seen since Sep 2000, while Bond yield hit 3.0778% high has scaled back to 3.0514%.
- US ISM and Durable Goods beat expectations, while Final services PM revised a touch lower, but still remains in contraction territory. Hawkish Fed messaging continues: StL Fed Bullard on CNBC earlier echoing Daly and Mester's messaging: Fed job "nowhere near" complete in reining in inflation while needing months of "convincing evidence" that infl has peaked.
- Meanwhile, US Tsy annc fourth consecutive reduction in its quarterly sales of longer-term debt as borrowing needs diminished and signaled a pause going forward. Reductions in short-end auction sizes was not widely expected (2s, 3s), the rest was more or less in line by the looks of it.
- Data on tap for Thursday: Challenger Job Cuts YoY, Initial Jobless Claims (260k est), Continuing Claims (1.383M est). Larger focus on Friday's July employment report (+250k est vs. +372K prior).
- Current cross assets: spot Gold reversed early gains currently -1.49 at 1758.90, Crude weaker: WTI -0.72 at 93.70, stocks near recent session highs ESU2 +29.50 at 4123.25.
- Currently, 2-Yr yield is up 11bps at 3.1612%, 5-Yr is up 8.2bps at 2.9347%, 10-Yr is up 6.9bps at 2.8177%, and 30-Yr is up 5.4bps at 3.0604%.
CRUDE: Headline Crude Stockpiles Build Much Faster Than Forecast
Aug-03 14:34
- Crude headline stockpiles much higher than expected: 4.47mln bbls against expectations of a 800k draw.
- Gasoline inventories also show a surprise build of 163k vs. Exp. draw of 1mln bbls, while distillates counter somewhat: draw of 2.4mln bbls against exp. of a build of 740k bbls.
- Meanwhile the SPR drops another 4.7mln bbls to 470mln bbls.
US EIA: CRUDE OIL STOCKS EX SPR +4.47M TO 426.6M JUL 29 WK
Aug-03 14:30
- US EIA: CRUDE OIL STOCKS EX SPR +4.47M TO 426.6M JUL 29 WK
- US EIA: DISTILLATE STOCKS -2.4M TO 109.3M IN JUL 29 WK
- US EIA: GASOLINE STOCKS +0.16M TO 225.3M IN JUL 29 WK
- US EIA: CUSHING STOCKS +0.93M TO 24.5M BARRELS IN JUL 29 WK
