A slightly warmer risk backdrop provided....>

US TSYS: A slightly warmer risk backdrop provided some pressure to the core FI

markets that were open for Asia-Pac trade, with the continuation of the Japanese

holiday meaning that cash Tsy markets will be closed in Asian hours through

Wednesday.

- Upticks in equity markets and crude oil have been seen overnight, extending

the moves from late NY trade, while the Hong Kong Chief Exec confirmed earlier

press reports re: looser social restrictions in the city, although she wouldn't

be drawn on exact timing. Elsewhere, Sino-U.S. sabre rattling hasn't escalated

further, yet.

- T-Notes are hovering a little above their Monday trough, last -0-04+ at

138-26+ after yesterday's corporate supply deluge and the U.S. Tsy's record

quarterly issuance outline resulted in twist steepening of the curve. Volumes

are light <20K for T-Notes into European hours.

- Eurodollar futures sit unchanged to 1.0 tick lower through the reds.

- Non-m'fing ISM & Fedspeak from Evans, Bostic & Bullard headline today.