Core FI traded defensively against the......>

US TSYS: Core FI traded defensively against the broader risk-on feel with the

Tsy curve's run of bear steepening extending in Asia-Pac hours as the 5-/30-Year

yield curve registered marginal fresh YtD steeps (also tagging the steepest

level seen since '17), while 30s extended their move outside of their recent

range. Although, the space has since moved back from extremes. Yields sit

unchanged-1.8bp cheaper across the curve. T-Notes -0-04+ at 138-23 after some

pointed to CTA long exit points being triggered. Contract sits bang in the

middle of its 0-10 overnight range, operating on above average volume, with

~125K lots trading ahead of European hours.

- Flow wise, the standout overnight was a screen buyer of the TYN0 140.50 calls.

- Non manufacturing ISM and ADP employment headline the local docket, with 4- &

8-week bill issuance also due.