Market
Roundup
- US Treasuries turned cautious with yields up slightly ahead of the Sep jobs report. This came with a batch of mixed US economic indicators released on Thursday as well with firm China PMI and mixed Euro Zone PMI data.
- Current consensus expectation for the Sep non-farm payrolls is an increase of 201k against +173k in Aug.
- The US Dollar retreated on cautious mood ahead of the Sep non-farm payrolls report. The US Dollar index fell 0.2% to 96.1740. Even though the Sep NFP is expected to show a better number than Aug, fresh jobs indicators released on Wednesday and Thursday were mixed. On Wednesday, the ADP employment report showed an increase of 200k in Sep against +190k consensus whilst the Aug figure was revised down to +186k from 190k in a prior estimate. On Thursday, the US Labor Department reported that initial jobless claims rose to 277k in the week ended 26 Sep from 267k the week prior.
- Malaysia’s government bonds pared early session gains after PM Najib said the country may miss its year 2020 target to balance the budget in view of low commodity prices. Early session net buying interest was spurred from the offshore players’ side, but net buyers reappeared late afternoon to spur the market to decent gains by the close of Thursday’s session. Elsewhere, IRS rates held firm.
- Thailand’s government bonds closed steady, supported by foreign players support and release of still weak inflation report on Thursday. The benchmark 15-year bond (LB296A) fell 5bps on the day but most other benchmark bonds closed unchanged or in a tight range.
- The Indonesian government bond market opened on a downbeat note due to weaker IDR spot levels but sentiment turned back sharply after the CPI data came out. The Sep CPI showed contraction of 0.05% mom (expected +0.11%) though there was year-on-year rise of +6.83% (expected +7%).
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