Trump Tests Positive For COVID, Light Bid In Tsys

Tsys have drawn support from confirmation that U.S. President Trump has tested positive for COVID-19. This came after earlier speculation surrounding the matter in the wake of one of his close aides contracting the virus. Trump's physician has noted that both he and the first lady are well and will quarantine in the White House. Otherwise, it was a typical pre-NFP Asia slumber, compounded by the major market holidays evident in the region. T-Notes last +0-05 at 139-22+, just shy of best levels, with cash Tsys running 0.4-2.2bp richer across the curve.

• A reminder that the fiscal drama on the Hill continued on Thursday, as senior lawmakers failed to come to an agreement ahead of recess, with T-Notes unwinding early losses as a result of those developments and a miss on the ISM m'fing survey. The contract finished the session a little shy of best levels as some positive headlines surrounding the COVID-19 situation provided a fresh bid for equities late in the day. Yields were ultimately little changed at the bell.
• The monthly labour market report headlines the local docket on Friday, with factory orders data also due. We will also hear from Fed's Kashkari and Harker.