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[MARKET ANALYSIS] Renewed energy upside weighs on fixed, ISM Manufacturing ahead

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[MARKET ANALYSIS] Crude benchmarks gain amidst a US and Iran flare-up and after Kuwait reports drone attacks

US Negotiators are close to a bipartisan deal that would reauthorise FISA Section 702 for three years, according to sources cited by Punchbowl

[MARKET ANALYSIS] Renewed energy upside weighs on fixed, ISM Manufacturing ahead

Lebanon is intensifying its efforts to solidify the ceasefire and is conducting international contacts, particularly with the Americans, in light of Israeli threats, Al-Araby reports citing sources

South African ABSA Manufacturing PMI (May) 50.8 (Prev. 52.6)

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  • A softer start for fixed income as the energy space climbed in APAC hours, given a handful of detrimental updates on the US-Iran situation. Since, the press conference from Iran's spokesperson has provided further support to energy, with Araghchi noting that no negotiations have taken place on the details of the nuclear issue.
  • USTs and Bunds lower overnight, in proximity to the troughs from Friday. Gilts opened lower by around 35 ticks and then slipped a handful more to a 88.31 trough, pressured but comfortably clear of levels below 88.00 at 87.94 and 87.86 from last week.
  • USTs and Bunds are similarly at lows, down by five and 50 ticks respectively. Specifics for the US and Europe are a little light aside from a few Central Bank speakers, with the focus firmly on any geopolitical update(s) or a significant change to the equity space. On the latter, the focus has been firmly on South Korea given the stellar gains in the market YTD and the ongoing marked strength seen today, i.e. Samsung Electronics +10%.
  • No move to the final PMIs for the EZ and UK thus far. Ahead, we get the US ISM Manufacturing PMI before the latest Atlanta Fed.

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