TikTok Front & Centre, Asia In Assessment Mode

Tsy yields are virtually unchanged across the curve in cash trade as participants sit back and assess Monday's market moves and news flow, with the latest round of rhetoric from President Trump offering up little of note. T-Notes in a 0-03+ range, last +0-02+ at 140-00+.

• A reminder that Monday's early pressure garnered further steam on the back of stronger than expected Eurozone m'fing PMI data, which was followed up with a stronger than expected headline m'fing ISM print, although the intra-day range was still contained.
• IG issuance from the likes of Alphabet and Astrazeneca added further pressure to the space, with the former offering up $10bn via jumbo, multi-tranche issuance.
• The uptick in equities also meant that any rallies were capped on Monday.
• Still the curve finished off steeps/outright yields off cheaps, after the latest Tsy estimate pointed to a $270bn uptick in the Q3 borrowing estimate, alongside a steady estimate for the end of September cash balance. The projections assume the passage of a $1tn round of fiscal stimulus in the current calendar year.
• An address from Fed's Mester and factory orders data headlines on Tuesday.