[MARKET ANALYSIS] Fixed falters amid an energy resurgence

A bearish session for the space, after being relatively contained overnight despite the incremental upticks in energy seen after POTUS commentary and the general lack of progress. However, the bias became much more apparent in the early European morning, as energy lifted from a maritime incident in Bab al-Mandab (see Commodities for more details). Amidst this, USTs fell from 108-09 to 108-04, lower by 7+ ticks at most. Bunds and Gilts follow suit directionally, down to lows of 124.28 and 86.33 respectively. Lower by 21 and 53 ticks, respectively. The docket for both is light, aside from supply from Germany due imminently, and as such further direction will come from geopolitical updates, before we turn to US inflation data later in the week.