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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play

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US TSYS: A very tight start to the Asia session was seen in T-Notes, which gave
way to some pressure as the Editor in Chief of China's Global Times tweeted
"Based on what I know, China will introduce important measures to ease the
negative impact of the trade war. The measures will benefit some companies from
both China and the US." This was followed up by China releasing the first round
of exemptions on U.S. goods, details will filter out shortly.
- Elsewhere, it is worth flagging that rumours have done the rounds re: the
potential for further concessions to the protestors from Hong Kong's power that
be, but there has been nothing concrete on this.
- Contract last -0-06 at 129-31. Yields 1.0-1.5bp lower across the curve.
- Eurodlr futures 2.5 ticks lower to 0.5 tick higher thru the reds.
- PPI & 10-Year supply headline the local docket today. Worth noting that
yesterday's 3-Year note auction generated a small tail as the cover ratio and
takedown metrics held steady, in line with the recent averages.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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