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Futures Bounce Back

KOREA RATES

Futures higher, tracking a move in US tsys and given an extra boost by a sell off in domestic equity markets with the KOSPI down over 1%. After declining yesterday 10-Year futures gapped higher at the open, the contract last up 22 ticks at 127.23 while the 3-Year is up 1 tick at 110.27. There were 2,049 new coronavirus cases in the past 24 hours, above 2,000 for the second day. Health authorities warned again that new infections may further rise ahead of a major national holiday when millions travel. The 50-Year auction was smoothly taken down with cover rising from the previous sale thanks to a smaller sale size and yield premium.

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