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Market Commentary


 
 
Today's Coupons
 
  10-Year Notes   99-21.5 (-01)  
 
  FN 2.5% Coupon   104-26.5 (00)  
 
  Support   0.747%  
 
  Resistance   0.599%  
 
 
 
 
  Monday, September 28, 2020
 
 

Treasury Yields Rise As Equities Rally

 
 
Market opened today's session with treasuries slightly lower across all maturities. 10-Year Treasury yield is at 0.6561, 0.17 bp increased from prior closing of 0.6544.

US stocks opened higher this morning as automakers led a rally in the S&P 500. Following four weeks of declines, market pushed higher with notable gainers including Uber Technologies Inc. following a favorable ruling allowing the company to operate in London. HSBC Holdings PLC gained ground as one of its biggest stakeholder increased their share in the company as they expect HSBC to resume paying out dividends in the near future. In global news, banks led a rally in Europe as the pound strengthened on optimistic hope as the final round of Brexit talks begin this week. In China, Industrial company profits grew for the fourth consecutive month in August. Elsewhere, Turkish Lira and Russian Ruble weakened as fighting between Armenia and Azerbaijan continued. WTI crude and gold both strengthened to 0.7% and 0.5% respectively. Coming up this week, on Tuesday the first US presidential debate will be hosted pitting Democratic candidate Joe Biden against Republican incumbent Donald Trump. Reporting Wednesday is annualized GDP with expectations set at -31.70%. US unemployment will be posted Friday which is expected to show an increase from the prior reported value of 8.40%.

The curve has bear-steepened with UST 10-Year yield up 0.17 bp.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  09/28 Dallas Fed Manf. Activity 07:30 Sep 9.50 13.60 8.00 -  
                   
  09/29 S&P CoreLogic CS 20-City MoM SA 06:00 Jul 0.10% - 0.00% -  
                   
  09/29 S&P CoreLogic CS 20-City YoY NSA 06:00 Jul 3.60% - 3.46% -  
                   
  09/29 Conf. Board Consumer Confidence 07:00 Sep 90.00 - 84.80 -  
                   
  09/30 MBA Mortgage Applications  04:00 25 Sep - - 6.80%  -  
                   
  09/30 GDP Annualized QoQ 05:30 2Q T -31.70% - -31.70% -  
                   
  09/30 Personal Consumption 05:30 2Q T -34.10% - -34.10% -  
                   
  09/30 GDP Price Index 05:30 2Q T -2.00% - -2.00% -  
                   
  09/30 Core PCE QoQ 05:30 2Q T -1.00% - -1.00% -  
                   
  10/01 Initial Jobless Claims 05:30 26 Sep 850k - 870k -  
                   
  10/01 Continuing Claims 05:30 19 Sep 12200k - 12580k -  
                   
  10/01 Personal Income 05:30 Aug -2.50% - 0.40% -  
                   
  10/01 Personal Spending 05:30 Aug 0.80% - 1.90% -  
                   
  10/01 PCE Deflator MoM 05:30 Aug 0.30% - 0.30% -  
                   
  10/01 PCE Deflator YoY 05:30 Aug 1.20% - 1.90% -  
                   
  10/01 Bloomberg Consumer Comfort 06:45 27 Sep - - 49.80 -  
                   
  10/02 Durable Goods Orders 07:00 Aug F 0.40% - 0.30% -  
                   
  10/02 Durables Ex Transportation 07:00 Aug F 0.40% - 0.40% -  
                   
  10/02 U. of Mich. Sentiment 07:00 Sep F 78.90 - 78.90 -
                   
 
 
 
 
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