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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.676%  
  Support   1.601%  
  Resistance   1.378%  
  FN 2.5% Coupon   101.609 (-0.187)  
     Wednesday, November 24, 2021

US Futures Decline, Covid Curbs In Europe


The Market opened today's session with treasuries higher across all maturities. The 10-year Treasury yield is currently at 1.6601, 0.50 bps lower than prior closing of 1.6651.

The resurgence of Covid in Europe is adding to growth concerns as inflation remains stubbornly high, all of which is damaging risk appetite. US Futures pointed to a drop at the open, with the contracts on both the S&P 500 and NASDAQ 100 declining by 0.40% each, even as the European benchmark traded modestly lower. The Stoxx Europe 600 fell 0.30%. The US Dollar rose 0.30% in comparison to its peers. The wave of the pandemic in Europe is pushing governments in the region towards imposing more curbs. Germany reported record new cases, while Italy and France are debating new measures. Yesterday’s announcement of a coordinated release of oil reserves by the U.S., Japan, India, South Korea, China and the U.K. only very briefly moved the price of crude lower. Applications for U.S. state unemployment benefits plunged last week to a level not seen since 1969 Initial unemployment claims in regular state programs fell by 71,000 in the last week. The value of core capital goods orders, a proxy for business investment in equipment that excludes aircraft and military hardware, rose 0.60%. Orders placed with U.S. factories for business equipment rose in October by more than forecast, highlighting solid momentum for capital investment. U.S. economic growth in the third quarter was revised slightly higher, reflecting somewhat stronger personal spending than previously estimated. Inflation-adjusted gross domestic product increased at a 2.10% annualized rate during the period. MBA mortgage applications index rose 1.80%. The Purchases rose by 4.70% while the refis increased 0.40%.

The curve has bull-steepened with the UST 10-Year yield down 0.50 bps.

This Week's Events
  11/22 Chicago Fed Nat Activity Index 05:30 Oct 0.10 0.76 -0.13 -0.18  
  11/22 Existing Home Sales 07:00 Oct 6.20m 6.34m 6.29m -  
  11/23 Markit US Manufacturing PMI 06:45 Nov P 59.10 59.10 58.40 -  
  11/23 Markit US Composite PMI 06:45 Nov P - 56.50 57.60 -  
  11/24 MBA Mortgage Applications 04:00 19-Nov - 1.80% -2.80% -  
  11/24 Initial Jobless Claims 05:30 20-Nov 260k 199k 268k 270k  
  11/24 Continuing Claims 05:30 13-Nov 2032k 2049k 2080k 2109k  
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