It has been a rather uneventful.....>

US TSYS SUMMARY: It has been a rather uneventful Asian and start to European

trading session with US Tsys currently trading mixed, curve touch flatter as

30-yr outperforms the rest of the curve, on mild return to risk-on sentiment.

10-yr Tsy yield is unchanged at 2.897% and the 5s/30s yield spread 1.2bp flatter

at 24.8bps.

- There was a brief bout of risk off flows in the middle of the Asian session,

but this quickly abated as USD/JPY moved back above Y110.00 and equity indices

recovered. Tsys extended losses just ahead of European open and then pretty much

traded sideways since, before EU announcement on US trade tariffs generated a

small bid.

- There has been no US/China trade rhetoric overnight or much economic data seen

to direct markets and therefore volumes have been low. With little US data due

today as well attention will remain on UK and European politics, central bank

officials at ECB forum and OPEC meeting in Vienna.

- Euro$ strip is trading mixed, curve steeper as blue contracts drop by 0.5 to 1

tick and white/red contracts are steady to 0.5 tick higher.