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Morning Asia Trade Sees Light Bid

US TSYS

T-Notes have turned bid and last trade +0-04+ at 109-28, just shy of session highs, even as e-mini futures operate in positive territory. Equity benchmarks are also higher in Japan, South Korea and Australia despite yesterday's rout in China's stock markets.

  • Overnight rally in UK bond markets may be providing some support to the space amid little in the way of alternative catalysts. Gilts rallied on the confirmation that former UK Chancellor Rishi Sunak will become the UK's Prime Minister.
  • Cash Tsy yield curve has shifted lower, with belly outperforming. Yields sit 1.1-2.7bp lower as we type.
  • Eurodollars run -0.5 to +2.5 ticks through the reds.
  • Local data highlights today include Conf. Board Consumer Confidence & Richmond Fed M'fing Index, while Fed's Waller will speak at a conference in Las Vegas. Also on the radar is an auction of 2-Year Tsys.
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