A relatively non-descript Asia-Pacific......>

US TSYS: A relatively non-descript Asia-Pacific session for the space, with

T-Notes holding a touch lower, in spite of a lower Nikkei 225 and JPY crosses.

Modest buying activity noted in the TYG9 119.50 puts.

- This comes after Tsys pulled back from best levels late in NY trade Thursday

on the back of a strong reversal in U.S. equities, as the Dow closed 600 points

off its lows, ~+1.1% on the day. T-Notes finished in the upper end of the range,

but shy of best levels owing to the move. Talk of month-end adjustments

dominated once again. Soft confidence data and risk off flows had supported

earlier in the day. Latest 7-Year note auction stopped through, although the

cover ratio moderated a touch, with decent indirect participation noted.

- The Eurodollar strip last trades 3.0-5.5 ticks lower than settlement through

the whites and reds, running a little steeper on the day, albeit on limited

volume. Some modest activity noted in the EDJ9 97.250/97.375/97.500 call fly.

- Chicago PMI data headlines Friday, with focus on month-end flows remaining.

- T-Notes last 121.09, U.S. 10-Year cash Tsy yields last at 2.775%.