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Market Commentary


 
 
Today's Coupons
 
  10-Year Notes   101-23 (+05)  
 
  FN 3.5% Coupon   103-07 (-00.5)  
 
  Support   2.753%  
 
  Resistance   1.503%  
 
 
 
 
  Monday, February 10, 2020
 
 

Treasury Yields Lower as Coronavirus Fears Linger

 
 
Market opened today’s session with treasuries edging higher across all maturities. 10-year Treasury yield is at 1.5611, 2.23 bps decreased from prior closing of 1.5834.

US stock index futures fluctuated on Monday as investors struggled to assess the economic fallout of the coronavirus outbreak in China while preparing for more corporate earnings results. Treasuries and European bonds edged higher this morning. The death toll from the coronavirus surpassed the number of deaths in the 2003 SARS outbreak, and reached 910 with confirmed cases exceeding 40,500. The economic fallout for global supply chains keeps mounting as Hubei province in China, the center of the virus outbreak, is now in the third week of a complete shutdown and investors scramble to determine whether the rate of contagion is stabilizing. Meanwhile, China’s central bank maintained ample liquidity through reverse-repurchase agreements as regional banks could face a worse than worst-case scenario. In corporate news, earnings season will continue this week with Softbank due on Wednesday, and Alibaba, Nissan, Credit Suisse, Airbus, Nestle, and AIG due on Thursday. Elsewhere, WTI crude inched lower this morning, trading below $50 a barrel.

There is no economic data release scheduled for today but at 8:30 AM (PT), the US Treasury is scheduled to auction off $45 billion of 13-week bills and $39 billion of 26-week bills.

The curve has bull-flattened with UST 10-Year yield down 2.23 bps.

 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  02/10 No Data - - - - - -  
                   
  02/11 JOLTS Job Openings 07:00 Dec 6850 - 6800 -  
                   
  02/12 MBA Mortgage Applications 04:00 7 Feb - - 5.00% -  
                   
  02/12 Monthly Budget Statement 11:00 Jan -10.00b - -13.30b -  
                   
  02/13 CPI MoM 05:30 Jan 0.20% - 0.20% -  
                   
  02/13 CPI YoY 05:30 Jan 2.40% - 2.30% -  
                   
  02/13 CPI Index NSA 05:30 Jan 257.874 - 256.974 -  
                   
  02/13 CPI Core Index SA 05:30 Jan 266.448 - 265.921 -  
                   
  02/13 Real Avg Weekly Earnings YoY 05:30 Jan - - 0.60% -  
                   
  02/13 Initial Jobless Claims 05:30 8 Feb 211k - 202k -  
                   
  02/13 Continuing Claims 05:30 1 Feb 1743k - 1751k -  
                   
  02/13 Bloomberg Consumer Comfort 06:45 9 Feb - - 66.50 -  
                   
  02/14 Import Price Index MoM 05:30 Jan -0.20% - 0.30% -  
                   
  02/14 Import Price Index YoY 05:30 Jan 0.20% - 0.50% -  
                   
  02/14 Export Price Index MoM 05:30 Jan -0.10% - -0.20% -  
                   
  02/14 Export Price Index YoY 05:30 Jan - - -0.70% -  
                   
  02/14 Retail Sales Advance MoM 05:30 Jan 0.30% - 0.30% -  
                   
  02/14 Capacity Utilization 06:15 Jan 76.80% - 77.00% -  
                   
  02/14 U. of Mich. Sentiment 07:00 Feb P 99.30 - 99.80 -
                   
 
 
 
 
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  This information is provided solely for informational use and is not intended as an advice for trading or investment purposes in any manner whatsoever. Sun West Mortgage Company, Inc. is not a licensed or registered broker or dealer and cannot provide investment strategies or recommendations. This information is provided to licensed brokers/lenders only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, prices, guidelines, fees, costs, terms and conditions are subject to change without notice.  
 
 
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