-全球固定收益技术策略：四季度全球债券仍有提升空间.pdfVIP

Global Technical Strategy 12 November 2019 Global Fixed Income Technical Strategist Global bond backups have room to extend in the fourth quarter  Overview: Global bonds are starting to follow leading risk markets, which Global Fixed Income and US have been pointing to an improving global data trend into 2020. Even after Equity Index Technical Strategy the move to higher yields since early Sep, we believe bonds have further room Jason Hunter A to extend before catching up to leading market performancepg. 2. (1-212) 270-0034 jason.x.hunter@  Treasuries The 10 year note cheapens into the 1.90s, an area we had thought Alix Tepper Floman could contain a bear trend in Nov. While the market can consolidate over the (1-212) 622-9461 near term, we see building pressures that point to an eventual release through alix.tepper@ 2.00% in the fourth quarterpg. 3 7 J.P. Morgan Securities LL  The 10-year Bund backup meets the 0.21% Jul 15 yield high. The inability to rebound from oversold conditions through Oct suggests a more substantial medium term trend reversal. That view stays firmly intact while cheaper than the 0.425%/ 0.45% inflection. Major support comes in at 0.00 0.10%……pg. 8  The 10-year BTPs backup retraces 50% of the rally from the 1.82% Aug 9 peak. We view the Aug Oct price action as a base pattern