A quiet re-open, T-Notes -0-02+ at..........>

US TSYS: A quiet re-open, T-Notes -0-02+ at 129-08. Questions over the timing &

location re: signing of any partial (phase 1) Sino-U.S. trade deal put a bid

into the space in the latter part of NY trade, with T-Notes printing fresh

session highs. The cash curve saw yields finish 1.3-3.4bp lower, with 5-10s

outperforming. Bond bears still haven't been able to force a real challenge of

the Sep high in 10-Year yields (located a few 10ths of a bp above 1.90%).

- Early flow was also in favour of the upside, with over 100K TYZ9 131.00 calls

lifted (on screen & via block), and decent block buying interest in TY, UXY, US

& WN also seen in the NY morning.

- Elsewhere, a strong 10-Year auction stopped through WI by ~1.0bp, with the

cover ratio virtually steady, a little above the recent average, as dealer

participation moderated and indirect takedown increased.

- Fedspeak failed to add anything of any note into the ether, while Q3 U.S.

productivity data was notably soft, alongside and uptick in unit labour costs.

- 30-Year supply and an address from Fed's Kaplan headline Thursday's local

docket.