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Looking Through The Bid In Equities

US TSYS

T-Notes have stuck to a narrow range in Asia-Pac trading, with downside limited, even with e-minis bid (NASDAQ 100 futures have tagged fresh all-time highs ahead of this week's earnings slate, which include quarterly results from Apple, Microsoft & Facebook). The contract last deals -0-01+ at 136-31+, sticking to a 0-03+ range. Cash trade has seen some light bear steepening, with 30s sitting around 1.0bp cheaper than Friday's closing levels. On the flow side, further TYJ1 downside exposure was seen, once again via the 138.00/133.50 risk reversal, with 30.0K lots of new Asia-Pac downside exposure via TYJ1 risk reversals established over the last week or so.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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