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On The Defensive As Europe Settles In

US TSYS

The impulse from the spill over in the leg higher in JGBs fades further as European traders settle in and push equity futures higher (Micron guidance and a spill over from a bid in Alibaba on corporate restructuring have been the driving factors for equities overnight). That leaves Cash Tsys 1.5bp cheaper to 0.5bp richer, twist flattening, pivoting around 10s. TYM3 operates comfortably within the 0-07+ range established overnight, last printing -0-04+ at 114-16. A couple of rounds of TU/UXY flattener blocks (~$260K DV01 in total) headlined overnight.

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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