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A Touch Firmer

US TSYS

A modest bid comes into the space around the cash market re-open, with Asia COVID headlines doing the rounds, namely, China has declared the discovery of 2 Shanghai COVID cases outside of quarantine (after 0 cases were noted yesterday), while the apparent discovery of 1 COVID case in North Korea has triggered the lockdown of all of the cities in the country (make of that what you will). You would also point to some of the bid in cash Tsys being related to regional reaction to the stagflation worry that became evident in NY trade (after the cheapening impact from firmer than expected CPI readings abated). Cash Tsys sit 0.5-2.0bp richer early on, with 5s leading, while TYM2 is printing fresh session highs, +0-01+ at 119-10.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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