Futures Hold Lower

Cash Tsys have cheapened at the re-open, but there has been a lack of fresh momentum observed in futures, with TYM2 struggling to break below its early session lows, last dealing -0-08+ at 119-21+. Cash Tsys are 1-2bp cheaper across the curve, with the wings leading the weakness. E-minis continue to trade lower, with equities perhaps more focused on the growth negative stories outlined earlier & downside risks surrounding the upcoming Q1 GDP print out of China. Meanwhile Tsys have cheapened with oil pushing higher (which may also be factoring into the equity weakness, albeit from a stagflationary perspective), which is likely linked to the re-opening plan outlined by the Chinese city of Shanghai.