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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.484%  
  Support   1.593%  
  Resistance   1.351%  
  FN 2.5% Coupon   103.156 (+0.250)  
     Friday, November 05, 2021

U.S Futures Rise, Job Market Restores Balance


The Market opened today's session with treasuries higher across all maturities. The 10-year Treasury yield is currently at 1.5246, 0.16 bps lower than prior closing of 1.5262.

Global equity markets were a little quieter today as the rally slowed while traders awaited for U.S. payrolls data. As the data showed strong signs of recovery, the futures contracts headed for a strong open, with the S&P 500 rising by 0.4% and NASDAQ 100 advancing by 0.30%. The Stoxx Europe 600 rose 0.30%, with the travel stocks being the laggards. Oil was under $80 a barrel after a slew of measures by the White House who are considering a range of tools to deal with prices after the latest OPEC decision. The US Dollar rose 0.20% in comparison to its peers. Germany reported a record number of cases for the second day in a row as another wave of the pandemic travels across Europe. The House is set to vote today on President Joe Biden’s $1.75 trillion economic package and the separate infrastructure bill after the continued 11th-hour discussions to settle lingering differences among Democrats. The U.S. labor market got back on track last month with a larger-than-forecast and broad-based payrolls gain, indicating greater progress filling millions of vacancies as the effects of the delta variant faded.

Nonfarm payrolls increased 531,000 last month after large upward revisions to the prior two months. The unemployment rate fell to 4.60% while the labor force participation rate was unchanged.

The curve has bull-flattened with the UST 10-Year yield down 0.16 bps.

This Week's Events
  11/01 Markit US Manufacturing PMI 06:45 Oct F 59.20 58.40 59.20 -  
  11/01 Construction Spending MoM 07:00 Sep 0.30% -0.50% 0.00% 0.01%  
  11/03 MBA Mortgage Applications 04:00 29-Oct - -3.30% 0.30% -  
  11/03 ADP Employment Change 05:15 Oct 400k 571k 568k 523k  
  11/04 Initial Jobless Claims 05:30 30-Oct 275k 269k 281k 283k  
  11/04 Continuing Claims 05:30 23-Oct 2150k 2105k 2243k 2239k  
  11/05 Change in Nonfarm Payrolls 05:30 Oct 450k 531k 194k 312k  
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