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Modestly Firmer Early On

US TSYS

The post-settlement downtick in e-minis (-0.4% to -0.5%) linked to Walmart’s disappointing earnings guidance has seemingly provided a very light bid for Tsys, with the major cash benchmarks running 0.5-1.5bp richer early on, as the curve bull steepens. TYU2 nudged higher around the time of the cash re-open and last deals at the peak of its 0-04+ range, +0-07+ at 119-28+. Wider macro headline flow has been light since the CME re-open, with continued focus on the COVID situation surrounding the major Chinese cities evident.

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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