US EARLY MORNING: US equity futures lack direction in thin trade in wake of Thursday's sell-off

Analysis details (09:25)

US-PRE-MARKETS: US equity futures are very contained, between -0.2% and +0.2%, after Thursday’s sell off following a dismal 30yr auction and Powell’s hawkish lean, which is seeing European equities play catch up and reside largely in the red in wake of a lackluster handover from APAC trade on the aforementioned themes. Nonetheless, newsflow has been quiet to end the week, so far, although on Thursday evening a ransomware attack on the ICBC disrupted the US Treasury market by stopping China's largest bank from settling Treasury trades. Looking ahead, attention resides on central bank speak from Fed’s Logan (2023 voter) and Bostic (2024 voter), on top of ECB President Lagarde. The US data docket has been light this week as participants await CPI (14/11), but there is prelim November UoM at 15:00GMT/10:00EST. Meanwhile, the Dollar is flat and within contained ranges which is reflected in G10 peers performance, as the Antipodeans reside as the ‘underperformers’, albeit barely, as the Aussie was subdued following the RBA SoMP overnight. Precious metals (XAU, XAG) are seeing marginal losses, although spot gold remains above USD 1,950/oz. WTI and Brent are firmer by circa USD 0.70/bbl and on 76/bbl and 80/bbl handles, respectively, as it attempts to regain some of its weekly losses. Treasuries are largely flat across the curve with the short-end seeing marginal weakness.

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10 Nov 2023 - 09:25- Fixed IncomeResearch Sheet- Source: Newsquawk

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