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SocGen's Overnight Economic News Summary

BY MT Newswires | ECONOMIC | 09/03/25 05:48 AM EDT

05:48 AM EDT, 09/03/2025 (MT Newswires) -- Societe Generale in its early Wednesday economic news summary pointed out:

-- Dust settles in European bond markets at open, Bund opens flat at 2.785% ahead of a five billion euro 10-year supply. Asia sell-off led by Japan 30-year (politics) and Australia 10-year (strong Q2 gross domestic product). United States Treasury 30-year nears 5.0%, US dollar (USD) maintains FTQ bid, Brent crude nears $70/barrel. Primary issuance off to a flyer, including 27 bond deals on Tuesday in the U.S. ($43 billion) and 28 in Europe (record 49.6 billion euros).

-- Australia's Q2 GDP growth 0.6% quarter over quarter (1.8% year over year), up from revised 0.3% quarter over quarter and 1.4% year over year in 1Q. Household spending up 0.9% quarter over quarter, government spending +1.0%, exports 1.7% quarter over quarter. The three-year yield +9bps at 3.54%. OIS curve pushes forward next cut to December (-28bps).

-- Day ahead: U.S .JOLTS job openings, factory orders, Federal Reserve speaker Musalem, Beige book. Eurozone and United Kingdom final PMIs, Germany sells five billion euros 10-year Bunds, Poland central bank (NBP) forecast to cut 25bps. Bank of England's Governor Bailey testifies to TSC.

-- Nikkei -1.0%, EUR 10-year IRS unchanged at 2.72%, Brent crude -0.4% at $68.9/barrel, Gold +0.2% at $3,5315/oz.

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

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