AMERICAS OIL PRODUCTS: North American Air Cargo Demand up 6.6% in 2024: IATA
Jan-29 13:28
North American carriers saw 6.6% year-on-year demand growth for air cargo in 2024 measured in cargo tonne-kilometres (CTK), the lowest percentage growth of any region, according to IATA.
- However, due it its market size, it nevertheless contributed 23.6% of global CTK growth last year, a significant 17.6 percentage point increase from the previous year, underscoring the region's robust economic state, IATA said.
- Overall, North America was the second largest air cargo market after APAC, holding 25.8% global share. By comparison, APAC’s share is 34.2%.
- Capacity, measured in available cargo tonne-kilometres (ACTK), increased by 3.4% year-on-year, also the smallest percentage increase of any region.
- December’s year-on-year demand increased 5.3% and capacity increased 2.1%.
- The Asia-North America corridor, the industry's largest cargo market, continued to thrive, posting an 8% annual increase, its 14th consecutive month of expansion.
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US TSY FUTURES: Extending Highs
Dec-30 13:13
- Treasury futures continue to march higher, mirroring support in EGBs (see 0754ET bullet), otherwise no substantive headline or Block driver.
- Tsy Mar'25 10Y contract trades 108-25 last (+11) puts it back to last Monday's early range, 10y yield declining .0545 at 4.5709%.
- Curves remain mixed, 2s10s -.050 at 28.792, 5s30s +1.967 at 37.374.
STIR: Repo Reference Rates
Dec-30 13:07
- Secured Overnight Financing Rate (SOFR): 4.46% (-0.07), volume: $2.275T
- Broad General Collateral Rate (BGCR): 4.45% (-0.05), volume: $840B
- Tri-Party General Collateral Rate (TGCR): 4.45% (-0.05), volume: $803B
- (rate, volume levels reflect prior session)
EQUITIES: Futures Through the Friday Lows as Megacaps Underperform Pre-Market
Dec-30 12:59
US futures now through the Friday lows as volumes and participation pick up at the NY crossover. Move lower for stocks is coming alongside a fresh daily low in the US 10yr yield - this is the inverse of the price action we noted into the Friday close, which saw the e-mini S&P drop ~80 points as the US 10y yield added ~5bps.
- An early underperformer amid single stocks had been Boeing - which traded lower by as much as 9% in pre-market trade this morning - but has since trimmed the losses to around 2%. Megacap names are underperforming ahead of the bell (as had been the case last week): Tesla lower by 1.9%, NVidia -0.9%, Apple -0.8%, Meta -0.8%.
- Today's marks one of the last full session of the year for equity markets - so rebalancing flows could prove dominant, estimates of which vary but some notable names see over $20bln of US equities to be sold from US pension funds in order to rebalance against the December price action - a sizeable flow when compared to historicals.
