[MARKET ANALYSIS] T-note futures gained amid on an early haven bid, while JGB futures climbed on intervention threat

USTs: +4.5 ticks

• T-note futures were supported by an early haven bid to start the week after US President Trump's latest tariff threat against Canada if it makes a deal with China, and with the Democrats threatening a partial government shutdown over DHS funding in revolt against the fatal shooting of an anti-ICE protester. However, the gains are limited ahead of the FOMC mid-week and as markets continue to await Trump's Fed Chair pick.

Bunds: +10 ticks

• Ekes mild gains in rangebound trade following last Friday's choppy performance, while German ifo data and comments from ECB's Nagel are scheduled later today.

JGBs: +22 ticks

• Climbed after Japanese PM Takaichi warned that they are ready to take action against speculative market moves following the recent currency weakening and surge in bond yields, although further upside in JGBs is capped with a 5-year climate transition bond issuance scheduled today.