[MARKET ANALYSIS] Fixed income benchmarks hold onto Tuesday's losses, while JGBs see inversion at the long end
- UST Futures oscillate in a narrow 109-02+ to 109-05+ range, as energy prices consolidate after crude futures surged over 5% in Tuesday’s trade following the revocation of Iran’s oil waiver and US threats, which then resulted in strikes on Iran.
- Bund Futures, in tandem with USTs, trade in a tight 14-tick range. This comes ahead of a 10-year Bund auction, in which Germany is to sell EUR 6bln 3.00% 2036 Bunds. With the recent rise in yields, this could bring in extra demand for German debt, as seen with the US 3yr auction on Tuesday.
- JGB Futures also trades on a slightly softer footing but in narrow ranges. Japanese yields are reaching highs not seen since the 1990s, with a slight inversion at the long-end of the curve.
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