Tsy futures have consolidated above....>

BOND SUMMARY: Tsy futures have consolidated above settlement levels, aided by

disappointing earnings from Alphabet after market, which has applied some modest

weight to U.S. equity index futures after the S&P 500 managed to set all time

closing and intraday highs on Monday. T-Notes last 123.18. Cash Tsys remain

closed in Asia-Pacific hours, owing to the Japanese holidays.

- Aussie bond futures have edged away from the SYCOM lows, aided by Tsys. As a

reminder, Morgan Stanley look for larger than usual month-end flows to support

the space. YM last +0.5 tick, with XM -1.5 ticks. YM/XM trades at 54.5 ticks,

with the cash equivalent at 50.0bp. Bills trade 1 tick higher to 1 tick lower

through the reds.

- German fixed income futures on Eurex remain closed at present, owing to

technical issues.

- Chinese PMI data provides the highlight of the Asia-Pacific docket.