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T-Notes squeezed to Asia-Pac session highs as China outlined a crackdown on auto chip sellers surrounding pricing matters, which came after worry surrounding a clampdown on the internet gaming sector in the wake of comments made by state-run media outlets earlier in the day. Dynamics in the Aussie bond space then pulled Tsys away from best levels. T-Notes -0-02 at 134-30 as a result, with cash Tsys little changed to 0.5bp cheaper across the curve.
- JGB futures stuck to a narrow range, last +10 on the day, with the major cash benchmarks running 0.5-1.5bp richer as 30s outperform. 0.01% in yield terms continues to cap the 10-Year JGB rally. There was no reaction in futures or cash 10s as the latest 10-Year JGB auction provided a mediocre result. The tail widened a touch from the previous round of 10-Year supply but was still relatively narrow. Elsewhere, the cover ratio ticked lower but remained just above the 6-auction average (3.271x). The low price witnessed at the auction provided a marginal miss vs. broader expectations (100.87 per the BBG dealer poll). We highlighted some outright valuation headwinds ahead of supply, although some of the relative value that we touched on may have helped the auction pass without any real problems.
- Aussie bond futures have moved away from best levels of the day in the wake of the RBA decision, with the central Bank not to reneging on its tapering plans. Market consensus looked for the tapering decision to be reversed. The Bank noted short-term uncertainty, while underlining the flexibility of its bond buying and its central scenario re: interest rates, while its medium-term economic projections look in line with wider exp. It also underscored the recent strength witnessed in the labour market and pointed to underlying CPI printing around 2.25% come the end of '23. Expect more colour on the decision in our full review. YM -0.5 with XM +2.5 at typing, with both trading off respective reaction lows.