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US TSYS: After ticking higher in early Asia-Pacific trade, following a theme of
broader, albeit relatively modest, risk aversion, Tsys quickly sold off, with
T-Notes making a fresh session low as Corriere reported that the Italian budget
plan seeks to cut the deficit to 2% of GDP in 2021. This steps down from a
projected 2.4% in 2019 and 2.2% in 2020 according to the report. Spending cuts
are planned to cover EUR15-20bn of the projected budget shortfall. Previous
government rhetoric had pointed to a 2.4% deficit to GDP ratio over 3 years. The
government is set to reveal further details on its budget plan later today, but
subsequent reports have added credence to Corriere's story.
- The Eurodollar strip last trades 0.5 tick higher to 3.0 ticks softer, after
some heavy selling on the back of the Italian headlines. The most notable flow
came in the form of EDZ9 ~18.0K given at 96.860.
- Services PMI & ISM, as well as ADP headline on Wednesday. On the Fedspeak
front Powell, Brainard, Barkin, Harker, Evans & Mester will all make addresses,
with Kaplan due during Asia-Pacific hours Thursday.
- T-Notes last 118.21, U.S. 10-Year cash Tsy yields last 3.078%.