Marginally Richer In Asia

TYM3 deals at 114-20, 0-00+, with a 0-07+ range observed on volume of ~91k.

• Cash tsys sit ~1bp richer across the major benchmarks.
• A bid in JGBs spilled over into the wider space facilitating a recovery off session lows seeing tsys marginally richen. There was no outright fundamental driver for the move.
• Earlier in the session, Tsys were pressured as e-minis moved higher. There was a strong lead from Micron which gave a better forecast for the current quarter than expected, and a 14% rise in Alibaba yesterday in NY, on news of an overhaul that will see the company split into six business units. TU and TY both dealt below Tuesdays low.
• A TU(3,036 lots)/UXY(1,250 lots) block flattener was the highlight flow wise
• There is a thin calendar in Europe today, further out Pending Home Sales provides the main point of interest in an otherwise thin data calendar. Fed VC Barr appears before the House Financial Services Committee. We also have the latest 7 Year supply.