Treasury-Bund yield differential was 212bp, and a widening towards 220bp would prompt Jefferies to initiate a short position in Bunds versus Treasurys.

SpringWorks Therapeutics stock surged over Monday after a report from Reuters that German medical tech giant Merck KGaA could be close to acquiring the company.

Merck KGaA, the German healthcare and technology group, is in advanced talks to acquire U.S. cancer and rare diseases drugmaker Springworks Therapeutics, according to people familiar with the matter.