A very quiet Asia-Pac session for core FI...>

US TSYS: A very quiet Asia-Pac session for core FI markets, with the final day

of the Chinese holiday sapping liquidity from the space, and broader markets in

general. T-Notes were held to a very tight range, on paltry volumes by recent

standards, with the contract last unch. at 138-29, while yields sit 0.4-1.2bp

richer across the curve, light bull flattening seen. Familiar themes were in

play, as the region digested the latest round of U.S. Presidential polling,

which favoured Biden over Trump, and assessed the heightened COVID-19 worry in

the U.S.

- A reminder that a recovery in risk sentiment into Thursday's NY close pressed

T-Notes to fresh session lows, as focus fell on the latest wind back of some of

the restrictions placed on banks under the Volcker rule. Elsewhere, the COVID-19

situation continues to bubble, with Texas and Florida going no further re:

re-opening for now, while Houston hit its ICU capacity.

- The 7-Year auction stopped through WI by 0.5bp, with around average cover and

takedown metrics.

- PCE data and the final UoM sentiment survey are due Friday.