Macro Events & News
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Asian Market Wrap: 10-year Treasury yields are up 1.5 bp at 3.171%, JGB yields rose 1.0 bp to 0.142%. Bond yields are resuming their uptrend then as stock market sentiment stabilised during the Asian session, although rising oil prices as Saudi tensions spike limited gains. There are also concerns over China’s GDP data later in the week, which markets fear will show the impact of US-Sino trade tensions. Japanese markets managed to bounce back from the 19-months low yesterday as Topix and Nikkei are up 0.13% and 0.41% respectively. The ASX is up 0.56% but the Hang Seng lost -0.09% so far and the CSI -0.13% and Shanghai Comp and Shenzen Comp are down -0.14% and -0.21% respectively. US futures are moving higher though, in line with the overall improving trend in Asia. The front end Nymex future is trading slightly under USD 72 per barrel.
European Fixed Income Outlook: 10-year Bund future opened at 158.49, down from a close of 158.59 on Monday. The 10-year cash yield is also down -0.3 bp at 0.497% in the opening trade after an unexpected dip in German import price inflation at the start of the session. Generally global bonds are back under pressure as stock market sentiment stabilized during the Asian session and 10-year Treasury rates are up 1.1 bp at 3.1675. The stalled Brexit talks, as well increased spending targets in Italy, and now Spain, remain in focus as is the fallout from the Bavarian election on the central government in Berlin. The data calendar focuses on UK labour market data as well as German ZEW investor confidence, with the latter expected to fall slightly.
Charts of the Day
Main Macro Events Today
UK Labour Market Data – Expectations – UK Unemployment rate is expected to remain flat at 4%, while Average Earnings should increase by 2.8% in August, compared to 2.9% in July.
US Industrial Production and Capacity Utilization – Expectations – Industrial Production is expected to have increased by 0.3% in September, while Capacity Utilization to have increased to 78.2% compared to 78.1% in August.
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