Chunky Month End Extensions On The Radar

T-Notes -0-01 at 138-16+ at the re-open, with e-minis higher. A weekend report from the FT noted that "the UK is poised to become the first western country to approve a Covid-19 vaccine, with the independent regulator set to grant approval within days. Deliveries of the vaccine developed by BioNTech and Pfizer would begin within hours of the authorisation, according to Whitehall insiders." This is probably aiding risk sentiment, although the moves aren't drastic.

• Sizable U.S. Tsy month-end duration extension estimates came to the fore in a holiday thinned/shortened Friday trading session, allowing the 30s to richen by over 5.0bp come the bell amid bull flattening of the curve, while T-Notes went out at best levels. Volume was generally muted against the aforementioned lower liquidity backdrop.
• Official Chinese PMI data headlines during the final Asia-Pac session of November, with participants also eying the aforementioned sizable month-end extension projection.