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Worries surrounding an impending interest payment due on the part of embattled Chinese property developer Evergrande weighed on broader risk appetite during Monday's holiday-thinned Asia-Pac trade, with the absence of Japanese and Chinese markets hampering broader liquidity. The pressure pushed Chinese property developers listed in Hong Kong lower, while those with exposure to the sector also struggled. The S&P 500 e-mini contract crossed below its 50- & 55-DMAs in the process (these MA's have not seen a close below since March of this year).
- Still, T-Notes stuck to a narrow 0-05 range, last +0-04 at 132-29, with volume running at ~56K. Cash Tsys will remain closed until London hours owing to the aforementioned Japanese holiday. The U.S. docket is virtually non-existent on Monday, with fiscal jousting on the Hill set to headline. Looking ahead, Tuesday will bring 20-Year Tsy supply, while Wednesday will see the latest FOMC decision.
- The defensive tone helped the Aussie bond space away from worst levels of the day, leaving YM -0.5 and XM unch. at typing. There is some very modest underperformance for the 5-Year zone of the cash ACGB curve, although that is very marginal, with the benchmarks in that space little changed on the day. The minutes from the RBA's most recent meeting headline the local docket on Tuesday.