Core FI Pressured, Eye Chinese Data

T-Notes have been under light pressure from the off and trade through Friday's low, last -0-04 at 138-30, as e-minis have bounced. Cash Tsy curve has bear steepened, yields sit 0.4-1.5bp cheaper. Eurodollars running unch. to -1.0 tick through the reds. Aforementioned headline flow from over the weekend has taken focus, with little new on the wires so far.

• JGB futures re-opened lower and last trades at 152.11, 4 ticks below last settlement. Cash JGB yields trade lower across the steepened curve. Japanese trade surplus expanded in Sep, but slightly less than exp., as a miss in exports was coupled with a beat in imports (worth mentioning that both declined). Little of note in the latest address from BoJ's Kuroda.
• In Australia, YM -1.0 & XM -2.5 as we type. Cash ACGB yield curve has bear steepened. Bills trade unch. to -2 ticks through the reds. Weekend news flow revolved around the further re-opening of Victoria & some hiccups for the Aussie-NZ travel bubble, with a busy A$ issuance slate noted at the start to the week. Going forward, focus falls on Chinese GDP/activity data, due at the top of the hour.