Slow Start To Asia Session

Unimpressive headline flow has offered little impetus and T-Notes continue to stick to a tight 0-02 range. The contract last trades unch. at 139-04. Cash Tsy yields last seen slightly below neutral levels, across the curve. Eurodollar futures sit unch. to +1.0 tick through the reds. No real flashing points seen in the latest round of addresses from Donald Trump & Joe Biden.

• JGB futures went offered erasing overnight gains and last trade at 152.07, just shy of last settlement. Cash JGB yields mostly sit marginally lower, save for 10s. Japanese docket is virtually empty today, which turns focus to broader headline and market flow.
• Australian YM trades +0.5 & XM +2.5. Cash ACGB curve runs flatter, with yields sitting 0.3-3.2bp lower. Bills trade -1 to +1 tick through the reds. Little reaction seen to reports surrounding Sino-Australian trade tensions, mentioned in earlier bullets. On the supply front, a strong offering of A$1.0bn worth of ACGB 0.25% 21 Nov '24 (cover ratio surged above 7.00x) was followed by a vanilla AOFM schedule for next week.