E-Mini & Tsy Futures Reverse Early Moves

A difficult one when it comes to fleshing out the reversal in early moves for both e-mini and U.S. Tsy futures, with the former giving back most of the early gains and the latter reversing most of the early losses. Some weakness in Asia-Pac equity indices (led by the KOSPI, which is down by nearly 2.0% on the day) and Bitcoin moving back below the 20,000 mark, after initially reclaiming the level, are being touted as potential drivers for wider risk appetite, with a lack of meaningful macro headline flow observed since the re-open. The latest round of inaction when it comes to the monthly PBoC LPR fixing out of China was widely expected, with both the 1- & 5-Year benchmark rates left unchanged this month.