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A very quiet overnight session......>

US TSYS SUMMARY
US TSYS SUMMARY: A very quiet overnight session because of the US Colombus Day
holiday on Monday. 
- Activity has picked up in Europe and a few corporate deals have emerged,
although mainly in euros. The US corporate deal flow should be light as the
earning season gets underway tomorrow.
- So far, the Treasury yield is around 1bp lower at 2.348%, riding on the back
of a decent rally in Bunds. There is downward pressure on equities, centred on
Italy that is creating a small risk-off trade.
- There have been some interesting flows: TY was lifted in 4.5k from 04+/05; and
early this morning saw 10k FVX7 116.5 put @ 02+. Also, soon after trading began,
sources reported +7,800 FVZ7 at 117-11+ against -7,000 OEZ7 at 131.22. 
- Defence Secretary, Mattis urged the military 'to be ready' with options on
North Korea, in case diplomacy fails.
- There is little in the way of economic data today. Kashkari speaks and there
are a delayed 4w, 3m, 6m, 52w bill auctions.

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