[MARKET ANALYSIS] T-note futures marginally rebound from recent oil-related pressure, but with upside capped amid mixed messages and recent soft 7yr auction

USTs: +2 ticks

• Mildly rebounded from the prior day's trough after declining yesterday as geopolitical uncertainty kept oil prices elevated for most of the day and saw participants add to Fed rate hike bets. Furthermore, Trump's announcement of a 10-day extension to the halt on strikes on Iran's energy plants pressured oil in late trade, but with downside cushioned by continued mixed signals from the US and Iran, while prices were also not helped by a soft 7-year auction in the US.

Bunds: -17 ticks

• Remained subdued after sliding to contract lows on recent oil-related inflationary pressures and after comments from several ECB officials, including Lagarde, who warned that Europe is facing a real shock and that markets are maybe optimistic, while ECB's Nagel said the ECB will have enough data by April to determine if they need to act.

JGBs: -40 ticks

• Tracked recent downside in global peers, with a lack of data and few fresh catalysts to spur a rebound.