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Holding Away From Lows On Equity Downtick


YM & XM continue to deal a little above Sydney lows, -7.0 & -8.0 at typing, respectively, with little reaction to the well-received round of ACGB Apr-25 supply. Wider cash ACGB trade sees 6.0-8.5bp of cheapening, with the early bear steepening theme maintained. EFPs have pushed a touch wider. Bills sit 2-9bp cheaper on the day through the reds.

  • The previously flagged move lower in the wider equity space, centring on U.S. tech sector woes and the potential for fresh Sino-U.S. tensions, is providing some support for ACGBs early on Friday.
  • The weekly AOFM issuance slate will cross at the top of the hour, although the presence of Tuesday’s Federal Budget may skew the issuance profile for the week.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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