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Msg  65364 of 67747  at  7/12/2019 12:26:48 PM  by


Canaccord Genuiity Daily Rate Sheet

While stocks took another run at 3000 on the S&P500 yesterday (2999.91 / +0.23%) and the DOW was marking another new record of its own closing north of 27000 for the first time ever, bond markets were getting knocked around pretty badly after US core CPI came in higher than expected (MoM survey +0.2% / actual +0.3% / prior +0.1%). Add to that a sloppy long bond auction that tailed by over two and half bps (16B 30-year reopening) and we were left with 30-year yields south of the border around 8.5 bps higher and 30s/2s another 5-bps steeper (US2s +3.6 bps / US5s +6.6 bps / US10s +7.7 bps / GOC2s +2 bps / GOC5s +3 bps / GOC10s +3.4 bps / GOC30s +4.3 bps). After a mixed session overnight in the Asia-Pac region, Europe is staying pretty close to home heading into the weekend (DAX -0.04% / EUROSTOXX +0.07% / GER10s +2.3 bps), and it looks like we’re setting up that way here as well. Data-wise, there’s nothing in Canada today and there won’t really be until we get our own CPI numbers next Wednesday, but there is wholesale PPI inflation on the docket south of the border (core MoM survey +0.2% / prior +0.2%), which may get a sterner look after the unexpected pop in core CPI yesterday.

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