Futures have unwound a very modest tick lower, and operate back around early Sydney levels, with limited macro headline flow apparent since the opening bell, while the lack of meaningful extension out of Friday’s ranges in both S&P 500 e-minis and U.S. Tsys is probably limiting wider price movement. That leaves YM at unchanged levels vs. Friday’s settlement, while XM is +1.5. Cash ACGB trade sees longer dated ACGBs print 2.0-2.5bp richer on the session. EFPs are little changed to wider on the day, with the 3-/10-Year EFP box bull flattening. The IR strip is -3 to +2 through the reds, with 3-month BBSW setting ~3bp higher today. Focus remains on the previously outlined Chinese risk events and Chinese equity market reaction to weekend news flow.
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