[MARKET ANALYSIS] T-note futures are subdued, while JGBs gapped lower following global bond turmoil

USTs: -0.5 ticks Languishes near the prior day's trough after slumping yesterday as yields rallied amid hawkish PMI data, Fed speak, and a woeful 5-year auction, while global bonds were also hit on news about a potential US diesel export ban, and participants also await further supply, including a 7-year note auction. Bunds: -32 ticks Slid to sub-120.00 territory amid the global bond sell-off and with demand also not helped by recent issuances. JGBs: -71 ticks Gapped lower on reopen from the silver week holiday closures and following the turmoil in global peers, while there was also recent corporate supply with SoftBank issuing USD 11.1bln in senior notes to fund its OpenAI investment.