Limited Asia Dealing

TYH2 stuck to a narrow 0-04 range overnight. The contract last deals -0-00+ at 130-12+, 0-01 off lows, with nothing in the way of notable headline flow observed since the Asia open, outside of slightly firmer than expected official PMI data out of China. T-Notes looked through a brief & modest extension of the late NY downtick in e-minis, and the apparent lack of progress noted come the end of the Biden-Putin call. Cash Tsys are closed until the London open owing to a Tokyo holiday, with U.S. hours curtailed by the impending turn of the calendar year.

• To recap, Tsys experienced some light richening on Thursday, with yields running ~2-4bp lower across the curve come the close, bull flattening, as equities dipped late in the day (S&P 500 made another fresh all-time high earlier in the session). This allowed T-Notes to make fresh session highs into the close, albeit within a narrow range on low volume. 10-Year yields retreated back below their 50-DMA, while 30-Year yields held above their own 50-DMA (in closing terms).