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Festive Season Lull Continues


T-Notes meandered within a tight range through a distinctly uneventful Asia-Pac session and last trade -0-00+ at 137-29. Cash Tsy yields are little changed vs. neutral levels. Eurodollar futures trade -0.5 to +0.5 tick through the reds. The latest fiscal developments on the Hill were easily digested, after Senate Majority Leader McConnell blocked an attempts by Democratic lawmakers to fast-track a vote on boosting stimulus checks. Focus in the U.S. turns to MNI Chicago PMI, pending home sales & flash wholesale inventories.

  • JGB futures went offered in the morning session before consolidating after the lunch break. The contract last sits at 151.90, 5 ticks below last settlement. Cash JGB yields are marginally mixed across the curve as we head towards the London morning. Japanese Ibaraki prefecture experienced a magnitude 5.1 earthquake, but there was no tsunami risk and authorities found no abnormalities at nearby nuclear reactors. Elsewhere, the Nikkei reported that Japan will issue gov't-backed green bonds for the first time.
  • The latest Covid-19 outbreak in NSW continued to be the main talking point in Australia. Local authorities tightened social restrictions in a bid to contain the spread of infections. YM trades +0.5, with XM -0.5 as we type. Cash ACGB curve twist steepened a tad, with yields last seen -0.5bp to +0.8bp. Bills run -1 to +1 tick through the reds.

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