China bond futures morning session close: 2-year (TS) main contract +0.01%, 5-year (TF) +0.02%, 10-year (T) +0.04%, 30-year (TL) +0.02%.

JP Morgan strategists said in a note the US Treasury's $39 bln 10-year auction on Wednesday may need to offer price concessions to be fully absorbed, citing weaker fundamental and near-term valuation support. TRADEWEB DATA showed the 10-year Treasury yield fell 1.2bps in Asian trade to 4.790%.

Quanta reports OpenAI’s recent math advance built on prior academic work rather than arising from a blank slate. Mathematicians Diego Córdoba and Luis Martínez‑Zoroa had earlier proposed an “infinite cascade” approach and in 2023 proved singularities under relatively coarse forcing; the remaining technical hurdle was maintaining mathematical smoothness of the forcing. Princeton mathematician Charles Fefferman acknowledged the new result but identified Córdoba and Martínez‑Zoroa as the key contributors. Observers characterise the development as AI industrialising the research “last mile”: humans supply directions, many agents run parallel trial-and-error, and models fill in and formalise critical proofs. Terence Tao warns this could shift mathematics from “proof scarcity” to “proof abundance,” with future scarcities being high‑value questions, viable solution paths and independent verification capacity. The piece concludes compute is accelerating research pace but does not yet imply fully autonomous original research capability.