[MARKET ANALYSIS] Treasury futures are lacklustre amid the backdrop of recent oil price swings and supply

USTs: -2 ticks

• Price action is rangebound following the recent choppy performance as trade continues to be driven by geopolitics and the fluctuations in oil, while demand was also not helped by a very weak 3yr auction and the announcement of several large corporate issuances, including from Amazon (AMZN), Salesforce (CRM) and Honeywell (HON), totalling at least USD 66bln.

Bunds: -9 ticks

• Traded subdued, but are off the prior day's lows after finding support near the 127.00 level, while participants await German supply.

JGBs: -9 ticks

• Marginally declined amid the mostly positive risk appetite in Asia and as the latest 5yr JGB auction looms.

Treasury futures are seeing muted trading as geopolitical tensions and fluctuating oil prices influence the market. The weak demand from a recent 3-year auction, combined with significant corporate bond issuances, shows a cautious sentiment among investors. This environment suggests a careful watch on yields and risk appetite, impacting rates and equities in broader market dynamics.