Hang Seng bull market helped kick......>

US TSY FLOWS: Hang Seng bull market helped kick off global risk-on tone Monday,

equities buoyed despite ongoing spread of Covid-19 virus. 

- Rates fell to new session lows after ISM non-mfg index rose 11.7pt to 57.1 in

June, offsetting the downturn caused by the pandemic.

- Some desks trying to wrap their head around post ISM data moves, fast

extension of session lows after the data beat expectations but has since

rebounded back near top end of session highs. Market was a "bit stretched" into

the release one desk explained, despite the decent early volumes, sellers lost

conviction after the move, suggesting shorts covered on lack of more significant

follow-through.  

- Turned out to be an inside range session on light volume as Tsys climbed off

second half lows w/equities reluctant to climb higher amid late US$ selling. Yld

curves holding steeper profile. 

- The 2-Yr yield is up 0.6bps at 0.1586%, 5-Yr is up 1.1bps at 0.3069%, 10-Yr is

up 1.5bps at 0.6841%, and 30-Yr is up 1.7bps at 1.4445%.