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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.585%  
  Support   1.595%  
  Resistance   1.358%  
  FN 2.5% Coupon   102.359 (+0.062)  
     Thursday, November 18, 2021

U.S Stocks Advance as Favourable Jobless Claims Data Released


The Market opened today's session with treasuries lower across all maturities. The 10-year Treasury yield is currently at 1.6009, 1.20 bps higher than prior closing of 1.5889.

U.S. futures and contracts gained as data showed a drop in U.S. jobless claims, another batch of strong corporate earnings and speculation about central banks refraining from rushing into rate hikes. Strong signals about the U.S. consumer and a decline in oil prices also moved the market. S&P 500 rose 0.20% and Nasdaq 100 gained 0.50%. Initial jobless claims for the week ending November 13 inched down from 269k to 268k, a new low for the pandemic. Thirty five states reported improvement in initial claims. Continuing claims for the week ending November 6 declined more than expected, down 129k to 2.08mm. Philadelphia Fed's November Business Outlook index jumped more than expected, up from 23.80 to 39.00. Energy companies weighed the index as oil prices fell more than 3.00% on prospects for increased supply. U.S. West Texas Intermediate crude oil closed below $80 per barrel for the first time since November 4. President Joe Biden pushed major oil-consuming nations to release crude from their reserves. Many of the themes from yesterday's U.S. session carried over into foreign markets on Thursday. Overnight the MSCI Asia Pacific Index slipped 0.40% while the Topix index closed 0.10% lower. In Europe the Stoxx 600 Index had dropped 0.10% with energy companies the biggest losers while travel stocks rebounded from yesterday’s Covid selloff. Gold futures fell 0.20% to $1,869.30 an ounce.

The curve has bear-steepened with the UST 10-Year yield up 1.20 bps.

This Week's Events
  11/15 Empire Manufacturing 05:30 Nov 22.00 30.90 19.80 -  
  11/16 Import Price Index YoY 05:30 Oct 10.30% 10.70% 9.20% 9.30%  
  11/16 Capacity Utilization 06:15 Oct 75.90% 76.40% 75.20% -  
  11/17 MBA Mortgage Applications 04:00 12-Nov - -2.80% 5.50% -  
  11/17 Building Permits MoM 05:30 Oct 2.80% 4.00% -7.70% -7.80%  
  11/18 Initial Jobless Claims 05:30 13-Nov 260k 268k 267k 269k  
  11/18 Continuing Claims 05:30 6-Nov 2120k 2080k 2160k 2209k  
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