Monday's Asia session has been quite........>

US TSYS: Monday's Asia session has been quite limited, with the definite feel of

a U.S. holiday session. Focus on the Coronavirus remains evident (daily case

counts have moderated from levels seen last week, although daily death counts

remain > 100). Increased hope of fiscal stimulus in China, coupled with relaxed

financing terms for companies directly hindered by Coronavirus supported

mainland China equity markets, applying some weight to core global FI. The

PBoC's 10bp cut to the rate applied to its 1-Year MLF facility was welcomed,

although the amount offered was perhaps a little shy of exp. (the MLF & daily

OMOs accounted for a cumulative net drain of CNY700bn on Monday, but the PBoC's

easing bias remains well and truly intact). Elsewhere, tier 1 local data wasn't

as supportive for risk, with weak Japanese GDP data evident, stemming from the

sales tax hike/natural disasters.

- T-Notes -0-03 at 130-28+, in a 0-04+ range. Cash Tsys are closed for

President's Day holiday.

- Only real flow of note saw 5.0K of the TYJ0 136.00 calls given.

- Eurodollar futures sit 0.25-2.0 ticks lower thru reds.