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One Minute Macro Update

Tyler Durden's picture




 

US:  Futures in positive territory this AM as 2011 forecasts continue to rise for both economic output and securities performance.  Yesterday's large tail in the 5Y auction spooked the bond markets, which appear to have recovered somewhat this AM.  LIBOR-OIS is showing no signs of year end turn financing concerns.  7Y auction on tap for today.

Europe:  European sovs continue their slow march wider as unsubstantiated rumors of Chinese funding assistance for Europe continue to swirl.  Italy issued bills and 2Y bonds today, kicking off a slew of issuance this week.  EUR/CHF traded off two big figures yesterday, indicating the flight to safety trade is well in tact.  EURIBOR-OIS remains elevated trading near 43bp (+22bp since the beginning of 4Q10).

Asia:  Asian equities advanced as commodity producers led gains.  JPY yields rising as higher yielding foreign debt begins to attract investors.  The spread between 10Y US and JPY debt reached a 7 month high.

Via Brian Yelvington of Knight Capital

 

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