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US TSYS: It has been a relatively limited session for T-Note futures thus far,
ticking higher earlier in the day within a tight range, with U.S. equity index
futures edging lower.
- The space then eased later in the session, likely on the back of reports
surrounding a U.S.-China phone call re: trade (between Mnuchin, Lighthizer &
Liu), although details on the matter remained light. WSJ suggested that "the
three senior officials discussed Chinese purchases of agricultural products and
changes to fundamental Chinese economic policies during the phone call, said
people familiar with the conversation. They didn't provide further details."
Elsewhere RTRS suggested that the call involved pushing the timetable forwards.
Worth noting that the impact has been somewhat limited, with equity index
futures still trading lower.
- Eurodollar activity remains restrained, with the whites and reds trading
virtually unchanged at writing after an early, modest uptick - 3-Year Notes
issuance slated today, with PPI & NFIB small biz. optimism also due.
- T-Notes last 120.20+, U.S. 10-Year cash Tsy yields last at 2.857%.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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