Core FI A Touch Softer As E-Minis Bounce In Asia

E-minis pushed away from their Wednesday's trough. While there has been nothing in the way of overt triggers during Asia-Pac hours, at least on the broader wires, some positive musings re: COVID-19 treatment matters (albeit, developments that seemingly do not shift the vaccine timetable) during the NY- Asia crossover and the aforementioned FT story re: "the US is allowing a growing number of chip companies to supply Huawei with components as long as these are not used for its 5G business," are the probable drivers here. T-Notes -0-01+ at 138-24, off lows, operating in a 0-04+ range, with cash yields unchanged to 1.9bp cheaper across the curve, with bear steepening in play.

• JGB futures sit 7 ticks below settlement levels, giving back overnight gains and more as onshore participants played catch up to U.S. Tsy movements in NY and early Asia-Pac hours. The longer end was lightly bid in cash JGB trade, with 1-10 Year paper a little more mixed. Swaps generally widened at the margin. The BoJ offered no surprise, leaving its monetary policy settings unchanged at its latest decision, while stressing that economic risks are tilted to the downside.
• Aussie Bonds saw of note on the domestic front, with the curve steepening in Sydney hours on the back of the broader risk impulse (namely through U.S. Tsys and e-minis). YM unch., XM -4.0. Bills sit unchanged to -1 through the reds.