T-BOND,T-NOTE,BUND,CME,Cbot+commodities (viet. over 70)
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Fleursdumal
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US Treasuries cheapen ahead of five-year auction
(Adds data, updates prices)
By Wayne Cole
NEW YORK, June 9 (Reuters) - U.S. Treasury debt prices drifted lower on Wednesday as traders sought to cheapen the market before a $15 billion auction of new government debt.
The sale of five-year notes comes just a few weeks before the Federal Reserve is expected to start raising interest rates and dealers are keen to ensure private demand for the issue by building a concession into prices.
The trend toward higher interest rates was not confined to the United States, with Japanese government bonds enduring their worst losing streak in 14 years after a run of strong economic data.
"JGB's are melting away and that just serves to remind everyone that the whole world of fixed-interest debt is almost toxic when variable rates are rising," said one trader at a U.S. primary dealer.
"Makes us worried about the five-year sale, particularly as indirect bidding interest was lackluster at the May auction," he added. Indirect bidders include, among others, customers of primary dealers and foreign central banks, but have come to be taken as a bellwether for the latter alone.
In the May auction, indirect bidders took only 34 percent of the issue, down from more than 40 percent in the previous four sales. However, the issue still drew strong overall bids for 2.64 times the amount on offer.
Traders were anticipating something weaker this time and the current five-year note <US5YT=RR> eased 5/32 in price, lifting its yield to 3.97 percent from 3.93 percent. The new notes were yielding 4.01 percent in when-issued trading.
The benchmark 10-year Treasury note <US10YT=RR> slipped 8/32, taking its yield to 4.80 percent from 4.76 percent.
The 30-year bond <US30YT=RR> lost 9/32, leaving its yield at 5.47 percent from 5.46 percent.
Two-year Treasury notes <US2YT=RR> shed 3/32 in price, lifting yields to 2.75 percent from 2.70 percent.
Yields earlier touched a fresh two-year high of 2.77 percent, flattening the yield curve, in part because the market was pricing in a greater risk of a more aggressive tightening campaign by the Fed.
Markets were put on warning by Fed Chairman Alan Greenspan on Tuesday when he said the central bank stood ready to take decisive action should inflation rise more quickly than presently expected.
That led the futures market to price in a greater risk of a 50-basis point hike at the Fed's August meeting, though most still expect a more measured 25 basis points at the next meeting on June 29-30. In all, Eurodollars <0#ED:> are predicting rates will rise to at least 2.25 percent by year-end from the present 1.00 percent.
There are two Fed speakers on the slate for Wednesday, though it was not clear if they would discuss the economy and policy.
Fed Bank of New York President Timothy Geithner speaks before an Institute of International Bankers luncheon at 1:15 p.m. (1715 GMT) Fed Bank of Kansas City President Thomas Hoenig participates in a media round-table at 4 p.m. (2000 GMT)
The day's U.S. economic data were of only secondary importance and had little impact. Wholesale inventories surprised by dipping 0.1 percent. Analysts had looked for a 0.5 percent gain.
Sales rose a healthy 0.8 percent and the stock-to-sales ratio hit a record low, suggesting inventories would have to rebuilt in coming months.
(Adds data, updates prices)
By Wayne Cole
NEW YORK, June 9 (Reuters) - U.S. Treasury debt prices drifted lower on Wednesday as traders sought to cheapen the market before a $15 billion auction of new government debt.
The sale of five-year notes comes just a few weeks before the Federal Reserve is expected to start raising interest rates and dealers are keen to ensure private demand for the issue by building a concession into prices.
The trend toward higher interest rates was not confined to the United States, with Japanese government bonds enduring their worst losing streak in 14 years after a run of strong economic data.
"JGB's are melting away and that just serves to remind everyone that the whole world of fixed-interest debt is almost toxic when variable rates are rising," said one trader at a U.S. primary dealer.
"Makes us worried about the five-year sale, particularly as indirect bidding interest was lackluster at the May auction," he added. Indirect bidders include, among others, customers of primary dealers and foreign central banks, but have come to be taken as a bellwether for the latter alone.
In the May auction, indirect bidders took only 34 percent of the issue, down from more than 40 percent in the previous four sales. However, the issue still drew strong overall bids for 2.64 times the amount on offer.
Traders were anticipating something weaker this time and the current five-year note <US5YT=RR> eased 5/32 in price, lifting its yield to 3.97 percent from 3.93 percent. The new notes were yielding 4.01 percent in when-issued trading.
The benchmark 10-year Treasury note <US10YT=RR> slipped 8/32, taking its yield to 4.80 percent from 4.76 percent.
The 30-year bond <US30YT=RR> lost 9/32, leaving its yield at 5.47 percent from 5.46 percent.
Two-year Treasury notes <US2YT=RR> shed 3/32 in price, lifting yields to 2.75 percent from 2.70 percent.
Yields earlier touched a fresh two-year high of 2.77 percent, flattening the yield curve, in part because the market was pricing in a greater risk of a more aggressive tightening campaign by the Fed.
Markets were put on warning by Fed Chairman Alan Greenspan on Tuesday when he said the central bank stood ready to take decisive action should inflation rise more quickly than presently expected.
That led the futures market to price in a greater risk of a 50-basis point hike at the Fed's August meeting, though most still expect a more measured 25 basis points at the next meeting on June 29-30. In all, Eurodollars <0#ED:> are predicting rates will rise to at least 2.25 percent by year-end from the present 1.00 percent.
There are two Fed speakers on the slate for Wednesday, though it was not clear if they would discuss the economy and policy.
Fed Bank of New York President Timothy Geithner speaks before an Institute of International Bankers luncheon at 1:15 p.m. (1715 GMT) Fed Bank of Kansas City President Thomas Hoenig participates in a media round-table at 4 p.m. (2000 GMT)
The day's U.S. economic data were of only secondary importance and had little impact. Wholesale inventories surprised by dipping 0.1 percent. Analysts had looked for a 0.5 percent gain.
Sales rose a healthy 0.8 percent and the stock-to-sales ratio hit a record low, suggesting inventories would have to rebuilt in coming months.
Fleursdumal
फूल की बुराई
Stefano1603 ha scritto:
infatti stefano ho controllato dappertutto e non risulta niente
Fleursdumal
फूल की बुराई
maria ha scritto:la carcassa..
gastronomo
Forumer storico
Ciao Maria, volevo venire dalle tue parti ma a fine giugno è già tutto pieno strapieno prenotato da mesi ... ma mi sto attrezzando per settembre, tieni il porcellino in caldo 
!!! Buona guarigione
!!! Buona guarigioneStefano1603
Nuovo forumer
Fleursdumal ha scritto:Stefano1603 ha scritto:
infatti stefano ho controllato dappertutto e non risulta niente
gastronomo
Forumer storico
maria ha scritto:si, Gastro, ci sono già turisti anche all'interno.
Maledetti continentali
- neanche a me, che sono sardo d'adozione per Amore Sconfinato dell' Isola, piacciono...
