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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-00.5 (-21.5)  
 
  FN 3.5% Coupon   102-18 (-03)  
 
  Support   3.237%  
 
  Resistance   1.457%  
 
 
 
 
Monday, September 09, 2019
 
 
Treasury Yields Rise Amid More US-China Trade Optimism
 
 
Market opened today’s session with treasuries dropping lower across all maturities. 10-Year Treasury yield is at 1.6232, 6.3 bps increased from prior closing of 1.5602.

Over the weekend, China stated that its global exports fell 3.00% to $214 billion, while imports rose 1.70% to $180 billion. China offered to increase purchases of US agricultural products if the US eased restrictions on Huawei Technologies Co., Ltd., a Chinese multinational technology company that provides telecommunications equipment and sells consumer electronics. Investors have been on alert after data over the weekend detailed the decline in China’s exports, and last week’s US employment report which was weaker than what was anticipated. The Dow Jones rose 56 points, indicating a gain of 63 points at the open. S&P 500 and Nasdaq 100 futures also pointed to a higher open. The S&P 500 was also about 1.60% from its record high set in late July. The Dow and Nasdaq entered the session more than 2.00% from their all-time highs. The yield on the 10-Year Treasury gained 3 basis points to 1.59% while the 2-year yield rose 4.5 basis points to 1.57%. The yield on the 30-year Treasury gained 4.6 basis points to 2.069%. The US Treasury will auction $45 billion and $42 billion in 3-month and 6-month bills, respectively.

In a report released by the National Federation of Small Businesses, anticipation for job creation / hiring in August fell to 20.00% from 21.00% the prior month. The report also outlined the percentage of responding firms with job openings that were "hard to fill" fell to 35.00% from July’s 39.00%. The percentage of firms with actual compensation changes over the last three months fell to 29.00% from previously reported 32.00%. Meanwhile, firms expecting compensation to grow rose to 19.00% from 17.00%. Oil advanced after Saudi Arabia’s new energy minister signaled that OPEC (The Organization of the Petroleum Exporting Countries) and its allies will continue with production cuts, as the group prepares to gather in Abu Dhabi. West Texas Intermediate oil for October delivery climbed 38 cents to $56.95 a barrel. OPEC’s monthly oil market report, which includes demand forecasts and production estimates, is due Wednesday.

The curve has bear-steepened with UST 10-Year yield up 6.3 bps.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  09/09 Consumer Credit 12:00 Jul $16.000b - $14.569b -  
                   
  09/10 NFIB Small Business Optimism 03:00 Aug 103.50 - 104.70 -  
                   
  09/10 JOLTS Job Openings 07:00 Jul 7311 - 7348 -  
                   
  09/11 MBA Mortgage Applications 04:00 6 Sep - - -3.10% -  
                   
  09/11 PPI Final Demand MoM 05:30 Aug 0.00% - 0.20% -  
                   
  09/11 PPI Final Demand YoY 05:30 Aug 1.70% - 1.70% -  
                   
  09/11 Wholesale Trade Sales MoM 07:00 Jul - - -0.30% -  
                   
  09/11 Wholesale Inventories MoM 07:00 Jul F 0.20% - 0.20% -  
                   
  09/12 CPI MoM 05:30 Aug 0.10% - 0.30% -  
                   
  09/12 CPI YoY 05:30 Aug 1.80% - 1.80% -  
                   
  09/12 Initial Jobless Claims 05:30 7 Sep 215k - 217k -  
                   
  09/12 Continuing Claims 05:30 31 Aug 1678k - 1662k -  
                   
  09/12 Bloomberg Consumer Comfort 06:45 8 Sep - - 63.40 -  
                   
  09/12 Monthly Budget Statement 11:00 Aug -195.00b - -$119.70b -  
                   
  09/13 Import Price Index MoM 05:30 Aug -0.40% - 0.20% -  
                   
  09/13 Import Price Index YoY 05:30 Aug -1.90% - -1.80% -  
                   
  09/13 Export Price Index MoM 07:00 Aug -0.30% - 0.20% -  
                   
  09/13 Export Price Index YoY 05:30 Aug - - -0.90% -  
                   
  09/13 Retail Sales Advance MoM 05:30 Aug 0.20% - 0.70% -  
                   
  09/13 U. of Mich. Sentiment 05:30 Sep P 90.50 - 89.80 -
                   
 
 
 
 
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