T-Notes On Softer Footing, Georgia Runoff Steals Show

All eyes on the Georgia electoral nail-biter, with PredictIt odds re-tightening recently. An earlier CNN exit poll pointed to slim leads for the GOP, but postal votes may be a game changer and major news wires see the elections as too close to call. T-Notes have dipped on the latest lead from betting markets, last trade -0-03+ at 137-23+, off session low of 137-22+. Cash Tsy yields are off early flats, last sit 0.2-1.2bp cheaper with marginal curve steepening creeping in. Eurodollar futures trade +0.5 to -0.5 tick through the reds.

• JGB futures re-opened on a firmer footing before shedding gains and last trade at 152.00, 3 ticks shy of last settlement. Cash JGB yields sit marginally above neutral levels. Local headline flow continued to revolve around a potential state of emergency in the Tokyo region, while data releases offered little impetus. Focus moves to Japanese consumer confidence & 10-Year JGB supply.
• In Australia, YM -0.5 & XM -5.5 as we type, the latter has lost some altitude and tests session lows. Cash ACGB curve has ber steepened, yields sit 0.1-6.2bp higher. Bills last seen unch. to -1 tick through the reds.