A Touch Firmer As Europe Files In

TYM3 sees an extension through the previously outlined early Asia-Pac peak, but still holds to a fairly limited 0-07 range, last +0-12 at 115-08, at fresh session bests. Meanwhile cash Tsys are 1.5-3.0bp richer across the curve, with intermediates still leading there. There hasn’t been anything in the way of fresh headline catalysts, with swifter than expected deposit outflow from First Republic (albeit with apparent “stabilsation” of that situation in recent times), a heavy session for Chinese tech equities (which have extended lower in recent trade) and rhetoric out of Russia re: heightened chances of direct conflict with the U.S. at the fore as European traders begin to settle in for Tuesday trade.