Archives of “March 2019” month
rssUS treasury to auction off US$40 billion of two-year notes at the top of the hour
The WI is trading at 2.27% ahead of the auction
The U.S. Treasury will be want to of US$40 billion of two-year notes at 1300 ET/1700 GMT.
The current WI (when-issued) yield is trading at 2.27%.
The last auction was auctioned at a high yield of 2.503% (on Februeary 25th). Since then, the Fed has taken out the tightening bias in 2019, and yields moved sharply lower. The low yield yesterday moved to the lowest level since March 2018 (see chart below).

Other information from the last auction(s).
- Bid to cover (a measure of demand) came in at 2.5x. The last 6 auctions has come in at 2.52x
- Directs came in at 22.6%
- Indirects came in at 38.6%
How Wednesday’s indicative Brexit votes will work
How voting will occur
Paul Brand from ITV has been tipped off about the plan for tomorrow’s parliamentary vote.

Other sources say the results will be published at about 8:30 pm local time (2030 GMT, 4:30 pm in NY).
European shares are ending the day higher
Spain flat though
The major European stock indices are ending the day higher. The section is the Spanish ibex which is ending flat
- German DAX, +0.65%
- France’s CAC, +0.90%
- UK’s FTSE, +0.37%
- Spain’s Ibex, flat
- Italy’s FTSE MIB, +0.38%
In the 10 year note sector yields are ending the session mixed. Germany, UK and France yields are higher, while Spain Italy and Portugal are lower.

Macron, Merkel and Juncker urge China to open up domestic markets
France, Germany and the European Commission pushed Chinese president Xi Jinping to open his country’s protected domestic market to foreign business, with German Chancellor Angela Merkel insisting on “a certain amount of reciprocity” from Beijing to seal a future EU-China investment agreement.
French President Emmanuel Macron invited Ms Merkel and Jean-Claude Juncker, head of the European Commission, to join him at the end of a bilateral summit with Mr Xi in Paris, in an attempt to underscore EU unity and Europe’s role as a commercial superpower on a par with the US and China.
Mr Macron said Europe’s openness had aided the spectacular transformation of the Chinese economy and helped lift 700m people out of poverty but also generated “deep tensions which lead to the need for legitimate protection” — an apparent reference to recent restrictions placed by some EU member states on Chinese acquisitions of high-tech companies.
Mr Macron and other EU states have complained in particular about the near-impossibility of foreign companies winning public procurement contracts in China, for example in railways or other transport infrastructure.
In his public statement, Mr Xi made no specific commitments on reciprocity, but said China would “continue to push forward with reform and opening up because China has been pursuing reform and opening up for the past four decades” in its high-speed modernisation and industrialisation since the 1970s.
The Chinese leader also issued a warning against mutual distrust in the China-EU relationship.
“We cannot let natural suspicion get the better of us,” he said. “We cannot always be guarded against each other and worry that they may do something behind our backs.”
China Manufacturing New Export orders are collapsing at their fastest pace since 200
Global High Yield OAS has been underperforming Global Equities for the third week
Weakest global economic recovery in recent history
Nikkei 225 climbs 2.15% as Asian stocks post rebound
The Nikkei closes higher at 21,428.39
Risk sentiment is generally upbeat to start the day with Asian equities faring better after losses sustained yesterday. That said, Chinese stocks took the shine off gains seen in the region as global growth worries continue to weigh on sentiment there. The Shanghai Composite is trading down by 1.3% currently but that remains a rather isolated event in trading today.
US equity futures are also on the up, trading higher by 0.3% while Treasury yields have recovered from a significant drop yesterday. 10-year yields fell below 2.40% for the first time since December 2017 but is now back up to 2.43% ahead of European trading.
Looking ahead, risk sentiment should reflect a slightly more positive mood at the start of the European morning but cautious tones are likely to prevail throughout. Currencies aren’t likely to pick up too much from early trades so let’s see if there will be a focused theme to settle on ahead of US trading later.
Japan’s FSA urging financial markets to get ready for the 10-day holiday coming up
Japan’s Financial Services Agency is warning of possible increased volatility in financial markets.
- The holidays run from April 27 to May 6
They’ve also warned on what happens when markets reopen ,,,,
- trading volume and price levels may be more volatile post-holiday
The agency said they will be monitoring closely for any market manipulation before the holidays begin when liquidity is expected to be thin.
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Yeah … everyone ready for a flash crash or two??? the super-thin liquidity period each morning when its only Australia and New Zealand markets trading will be extended a good few hours each one of those 10 days.
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ICYMI, the holidays will close Japanese financial markets for a week, the break runs together holidays for the abdication of Emperor Akihito and the annual Golden Week break.
10 days off!