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Cheaper Either Side Of Chinese Data

US TSYS
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Tsys pulled lower ahead of the Chinese data dump that crossed at the top of the hour, with nothing in the way of meaningful headline flow observed, making it hard to pinpoint a trigger. TYH3 then extended through its early Asia base on the back of the firmer than expected run of Chinese quarterly GDP and monthly economic activity readings, before stabilising to last deal -0-06 at 114-18+, 0-01+ off the base of its 0-12+ range. Cash Tsys now run 2-5bp cheaper across the curve, with bear steepening apparent, after each of the major yield benchmarks moved through their respective early Asia levels post-China data.

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Tsys pulled lower ahead of the Chinese data dump that crossed at the top of the hour, with nothing in the way of meaningful headline flow observed, making it hard to pinpoint a trigger. TYH3 then extended through its early Asia base on the back of the firmer than expected run of Chinese quarterly GDP and monthly economic activity readings, before stabilising to last deal -0-06 at 114-18+, 0-01+ off the base of its 0-12+ range. Cash Tsys now run 2-5bp cheaper across the curve, with bear steepening apparent, after each of the major yield benchmarks moved through their respective early Asia levels post-China data.