US TSYS: Futures Higher As Oil Retreat Continues, 10yr Still Sub 20-day EMA

US Tsy futures are firmer in the first part of Wednesday trade. TYZ6 last +03 to 106-03, but this keeps us well within recent ranges for the 10yr future. Early support is evident via lower oil futures, with WTI down a further 1% in terms of the active contract. We are now tracking lower for the 6th straight session. Supply hopes in terms Hormuz/returning Saudi supply were cited as weighing on oil, while the US's Witkoff said a short while ago lengthy talks with Iran (through mediators) will hopefully prove constructive. However, Trump threatened Iran with "annihilation" if it doesn't reach a deal (from overnight). A reminder with Japan still out there is no US Tsy trading during Asia Pac hours today. * Overnight US TSY futures bounced off lows of 105-25, as oil retraced. Technical support below at 105-10+, the Oct 19 '23 low on the continuation chart. Initial firm resistance is 106-27, at the 20-day EMA. * Cash US Tsy yields edged a little higher, the 10yr to 4.96%, up 1bps. * Look ahead: Eurozone flash PMIs highlight the Wednesday calendar, as markets then turn their focus to headlines emanating from the Trump-Xi summit in Washington. Flash PMIs early in the US session, followed b