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Market Commentary


 
Today's Coupons
 
  10-Year Notes   102-09 (+01)  
 
  FN 3.5% Coupon   99-00 (+01)  
 
  Support   3.237%  
 
  Resistance   2.829%  
 
 
 
 
Tuesday, December 11, 2018
 
 
Market opened today’s session with treasuries nearly unchanged across all maturities except for the 30 Year. 10-Year treasury yield is at 2.8574, 0.01 bp decreased from prior closing of 2.8575.

US equities rallied on optimism regarding the high-stakes trade talks between the US and China. President Trump tweeted an optimistic post, hinting to expect “important announcements” which came shortly after the news reported that China’s government would consider cutting tariffs on US car imports from 40 percent to 15 percent. While investors still keep an eye out on the arrest of Huawei Technologies Co. CFO, both sides have indicated that they want the talks separate from the issue. WTI crude rose approximately 2.10 percent this morning and gold also climbed roughly about 0.10 percent.

In the economic calendar today, NFIB Small Business Optimism for November dropped to 104.80 from prior of 107.40. The November Final Demand PPI rose 0.10% while the October PPI remained unrevised at 0.60%. The core excluding foods and energy also rose 0.30% in November vs. prior of 0.50%. The PPI annual change came in line with consensus of 2.50% which is 0.40% lower than prior of 2.90%. The US Treasury is scheduled to auction off $38 Billion of 3 Year notes at 10:00 AM (PT) today.

The curve has flattened with UST 10-Year yield down 0.01 bp.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  12/10 JOLTS Job Openings 07:00 Oct 7100 7079 7009 6960  
                   
  12/11 NFIB Small Business Optimism 03:00 Nov 107.00 104.80 107.40 -  
                   
  12/11 PPI Final Demand MoM 05:30 Nov 0.00% 0.10% 0.60% -  
                   
  12/11 PPI Final Demand YoY 05:30 Nov 2.50% 2.50% 2.90% -  
                   
  12/12 MBA Mortgage Applications 04:00 7 Dec - - 2.00% -  
                   
  12/12 CPI MoM 05:30 Nov 0.00% - 0.30% -  
                   
  12/12 CPI YoY 05:30 Nov 2.20% - 2.50% -  
                   
  12/12 Monthly Budget Statement 11:00 Nov -$196.00b - -$100.50b -  
                   
  12/05 Import Price Index MoM 05:30 Nov -1.00% - 0.50% -  
                   
  12/05 Import Price Index YoY 05:30 Nov 1.30% - 3.50% -  
                   
  12/05 Export Price Index MoM 05:30 Nov -0.30% - 0.40% -  
                   
  12/06 Export Price Index YoY 05:30 Nov - - 3.10% -  
                   
  12/06 Initial Jobless Claims 05:30 8 Dec 227k - 231k -  
                   
  12/06 Continuing Claims 05:30 1 Dec 1649k - 1631k -  
                   
  12/06 Bloomberg Consumer Comfort 06:45 9 Dec - - 60.30 -  
                   
  12/14 Retail Sales Advance MoM 05:30 Nov 0.10% - 0.80% -  
                   
  12/14 Industrial Production MoM 06:15 Nov 0.30% - 0.10% -  
                   
  12/14 Capacity Utilization 06:15 Nov 78.6% - 78.40% -  
                   
  12/14 Markit US Services PMI 06:45 Dec P 54.60 - 54.70 -  
                   
  12/14 Business Inventories 07:00 Oct 0.60% - 0.30% -  
                   
 
 
 
 
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