LOOK AHEAD: Eurozone Timeline of Key Events (Times GMT)

Regional Asia Equities are mostly higher today, after a slow start this morning. The BBG Asia index 0.29% higher.

• Japan equities are mixed today, after a slow start this morning the weaker yen has helped equities move off their lows of the day. There has been little in the way of data today outside of Machinery orders coming in, inline with expected at 2.7% MoM, while a slight beat on YoY orders coming in at -0.7% vs -1.3%. The Nikkei 225 trades -.10%, while the Topix is 0.40% higher
• Taiwan is trading slightly higher today, led by Finance and Insurance names. While Spirox, who provide solutions and products to semiconductor sector is trading up 10% on very little news. Taiex is up 0.23%.
• South Korean equities are the top performers in the region today, hitting new highs not seen since May 2022. Foreign inflows have rebounded from a lull last week hitting $323m today, on expectations that the government will continue to support the market and close the "Korea Discount", Kospi is up 1.08%.
• Australian Equities are slightly higher today, up 0.26% led by the mining and industrials sectors. A2 Milk is up by 12.48% after an earnings beat.
• Thailand released GDP earlier coming in at 1.7% vs 2.6% estimated, equities trading 0.20% higher
• Elsewhere in SEA, New Zealand equities are the worst performers of the region down 0.60%, Philippines equities down ~0.20%, while Malaysia equities trade close to flat for the day

China Mainland equities reopened today but failed to deliver on expectations of a push higher. Mainland stocks outperformed Hong Kong equities, which gave up gains from last week.

• As we head into the Asian lunch session, equities are mixed. Hong Kong equities are lower across the board, with the HSI down 1.00%, the HS Tech index lower by 2.71%, and mainland Property underperforming the market, down 3.00% today, erasing all gains from Friday. China Mainland equities have fared better today but fell short of the expected lofty heights. The CSI300 is currently trading up 0.37%, while the ChiNext trades 0.10% higher, and the CSI1000 is unchanged.
• Chinese property-developer shares declined due to weak holiday home sales following last week's rally. Home sales during the Lunar New Year holiday dropped 40%, indicating ongoing weak demand, leading to a retreat in Hong Kong-listed developers' stocks
• Consumer spending data looks promising, as state-owned media reported a 19% jump in travel during the LNY period compared to 2019. Box office sales reached 8.02 billion yuan, a record high, and railway travel surged 36% from the 2019 period.
• Looking ahead, Tuesday will see the 1-Year and 5-Year Loan Prime Rate due in China, while Hong Kong has Unemployment Rate data."

TYH4 is currently trading at 109-24+, up + 00+ from New York closing levels.

Treasury futures are little changed in Asia trading, we have remained in a very tight range as volume has stayed on the light side. There has been little in the way of Asia data, the US is out today for President's day with no Cash treasury trading.

• Mar'24 10Y has traded in a tight range hitting a low of 109-23 in early trading before hitting a high of 109-27 as we head into Asia lunch we trade right in the middle of the range at 109-24+.
• Looking at technicals the break lower last week has confirmed a resumption of the down trend that started Dec 27. The 110-00 handle has been cleared and sights are on 109-17 while we tested this on Friday a clear break would open 109-05+, the Nov 28 low further down we would be looking at 108-19+ (61.8% of the Oct 19 - Dec 27 bull phase). While to the upside initial firm resistance is at 111-02+, the 20-day EMA.
• Looking head this week: President's Day today, while on Tuesday Philadelphia Fed Non-Manufacturing Activity and Leading Index (-0.1%, -0.3%). Treasury supply: $79B 13W, $70B 26W and $46B 52W bill auctions.