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Further ructions between the US.....>

US TSYS SUMMARY
US TSYS SUMMARY: Further ructions between the US and China have roiled global
equities and boosted Tsys Thursday, as markets return after Wednesday`s closure.
- The Mar 19 T-Note future is up 8/32 at 120-085, having traded in a range of
120-00 to 120-13. Highs hit just before midnight EST overnight amid news of
Huawei's CFO detained in Canada owing to breaches of Iranian sanctions, with the
U.S. seeking her extradition.
- The 2-Yr yield is down 3.5bps at 2.76%, 5-Yr is down 2.5bps at 2.7617%, 10-Yr
is down 2bps at 2.8937%, and 30-Yr is down 1.5bps at 3.1577%.
- Tsys helped by continued equity sell-off (E-minis down 1.8%) and sharp drops
in oil prices as Saudi energy minister says no OPEC production cuts agreed yet
(WTI off 3%).
- Out of the money call buying noted in Tsys overnight, with TYF9 122.00 &
123.50 call activity garnering some attention.
- Today sees US ADP employment, trade balance and ISM non-manuf releases.
- Heavy Fed speaker schedule: Bostic, Quarles, Williams and Powell are all due
up over the course of the day.

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