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Limited Cheapening Observed


Cash Tsys run 1-2bp cheaper across the curve, with the previously outlined positives surrounding China applying some modest pressure in early Asia dealing. Still, there hasn’t been much in the way of follow through in the wake of the early moves, with TYM2 limited by Friday’s low & S&P 500 e-minis failing to make further headway after an early show through Friday’s peak, now printing back from best levels. TYM2 is -0-00+ at 119-05, 0-02 off the base of its early, narrow 0-04+ range. A quick reminder that wider Asia-Pac liquidity may be a little thinner on Monday, owing to the observance of the Vesak Day holiday (Singapore is closed as a result). China risk, in the form of the latest 1-Year MLF operation & monthly economic activity data, provide the highlights on the regional calendar. Chinese equity market reaction to the weekend’s news flow will also be eyed.

MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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