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US TSYS: Late SOFR/Treasury Option Roundup
Apr-01 19:10
Mixed trade coalesced into better upside hedging Monday, fading the post data sell-off and lower projected rate cut pricing: May 2024 at -6.7% vs -10.9% this morning w/ cumulative -1.7bp at 5.312%; June 2024 -53.4% vs. -60.5% earlier w/ cumulative rate cut -15bp at 5.179%. July'24 cumulative at -23.1bp, Sep'24 cumulative -38.9bp.
- SOFR Options:
- Block, -12,000 SFRK4 94.75 puts, 2.0 ref 94.83
- over 24,000 SFRM4 94.87/95.00 call spds
- Block, 5,000 SFRU4 95.25/95.75 2x3 call spds, 5.0 net, 2 legs over ref 95.055
- -22,500 SFRM4 94.75/94.81/94.87/94.93 put condors 1.0-1.25 ref 94.82
- -4,000 SFRU4 95.00/95.12/95.43/95.56 call condors vs SFRU4 94.81/94.93 put spds, 0.5 ref 95.05
- +10,000 SFRM4 94.87/94.93/95.00/95.06 call condors, 2.25 post data after paying 2.5 for 10,000 pre-data
- -11,000 SRJ4 94.81 puts 2.25 vs. 94.83/0.40%
- -5,000 SRU4 94.50/94.75/95.00 put flys 6.5, ref 95.055
- -5,000 SRM4 94.87/94.93 put spds, 3.75 ref 9483.5
- +5,000 SRM4 94.68/94.75/94.81 put flys 0.75 ref 94.835
- +2,000 0QM4 96.50 calls, 5.5
- Treasury Options:
- 3,000 FVK4 106.75/107.5/108 broken call flys, ref 106-15.5
- 3,000 TYK4 108.5/111.5 strangles, 24 ref 109-29.5
- 1,700 TYM4 116/116.5/117/117.5 call condors ref 109-30
- 4,000 USK4 117/118 put spds, 25 ref 118-21
- 1,000 USK4 111/115/117 broken put fly, 14 ref 119-15
- 10,600 TYK4 109 puts, 9
- 6,200 TYK4 110 puts, 22 last
- 1,000 FVK4 105.75 puts, 5.5
US STOCKS: Late Equities Roundup: Interactive Media, O&G Stocks Outperform
Apr-01 18:57
- Still weaker, stocks are see-sawing off midday lows in late Monday trade, Communication Services and Energy sector stocks outperforming in the second half. Currently, DJIA is down 264.78 points (-0.67%) at 39544.79, S&P E-Minis down 15.5 points (-0.29%) at 5293.25, Nasdaq down 4.9 points (0%) at 16375.77.
- Leading Gainers: Interactive media and entertainment stocks continued to buoy the Communication Services sector: Google +2.77%, Meta +1.23%, Netflix +0.78%. Meanwhile, Energy stocks outpaced earlier IT stocks in the second half, oil and gas stocks firmer as crude remained strong (WTI +0.66 at 83.83): APA Corp +2.36%, Occidental Petroleum +2.23%, Devon Energy +1.75%.
- Laggers: Real Estate and Health Care sectors underperformed in late trade, REITS and estate management shares weighing on the former: Equinix -2.96%, Boston Properties -2.48%, American Tower -2.44%. Pharmaceutical stocks weighed on the Health Care sector late Monday: Illumina -3.42%, Eli Lilly -2.48%, Bristol-Myers -1.88%.
US OUTLOOK/OPINION: ING on Friday's Employment Report
Apr-01 18:29
- ING economists said Friday's employment data should show a gain og +200k jobs, in-line with current Bbg estimates. Jobs creation likely "concentrated in just three sectors – local government, leisure and hospitality, and private education and healthcare services."
- ING notes "80% of all the jobs added over the past 14 months have come from these sectors and we don’t see much change given that employment surveys have pointed to a slowdown in hiring."
- Meanwhile, the unemployment rate "is expected to remain at 3.9% with wage growth remaining benign. We suspect this will keep market pricing for a June federal reserve interest cut at around 80%."
