EQUITIES: US GSIBs Extend Weakness Pre-Market
Mar-15 10:19
- US equity futures extend lows in tandem with their European counterparts, narrowing gap with first e-mini support at 3885.00.
- Pre-market trade among GSIB US banks also puts their shares lower ahead of the open: GS down 1.1%, BofA down 1.3%, Citi down 1.3%, JPM down 0.5%.
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BONDS: Curves Flatter With Futures Touching Recent Lows
Feb-13 10:19
Global core FI is trading mixed to open the week, with EGB futures slightly higher while Gilts and Treasuries are trading a little softer.
- Cash curves are modestly flatter with the short end underperforming amid solidifying 2023 central bank rate hike expectations: basically, a continuation of the price action seen in the middle of last week.
- Bund/Gilt/Tsy front futures briefly ticked down to the lowest levels since early/mid Jan in early European trade, but have edged up slightly since then.
- A fairly quiet schedule ahead today, but becomes increasingly busy the rest of the week including Tuesday's highly-anticipated US CPI release (our preview will be out later today)
- The speaker highlight is Fed Gov Bowman (0800ET) discussing banking supervision; we also get comments from ECB's Knot and Centeno.
Latest levels:
- Mar 10-Yr US Tsy futures (TY) down 0.5/32 at 112-21.5 (L: 112-18.5 / H: 112-24)
- Mar Bund futures (RX) up 21 ticks at 136.12 (L: 135.59 / H: 136.2)
- Mar Gilt futures (G) down 6 ticks at 103.9 (L: 103.52 / H: 103.93)
- Italy / German 10-Yr spread 0.4bps tighter at 184.1bps
EURIBOR: EURIBOR FIX
Feb-13 10:04
- EUR001W 2.3790 0.0200
- EUR001M 2.4020 0.0270
- EUR003M 2.6540 0.0330
- EUR006M 3.1020 0.0220
- EUR012M 3.5100 0.0450
USD: USDJPY is up over 1% in early European trade
Feb-13 09:52
- Despite the underpinned Risk On tone, USD extends gains in G10s, with the Yen the notable mover in early trade, as market participants look forward to the US inflation Tomorrow.
- The Yen is now over 1% down against the Greenback and targets next immediate resistance at 132.77 (50 day EMA), followed by the February high at 132.90.
- GBPJPY sees next immediate resistance at 159.954.
- AUDJPY still targets 91.954 next.
