More panic in markets overnight.....>

US TSYS SUMMARY: More panic in markets overnight post-Trump address has equity

markets testing limit-down levels and Tsys just off the highs.

- Jun 10-Yr futures (TY) up 45.5/32 at 138-26 (L: 136-24 / H: 138-29).

- The 2-Yr yield is down 11.6bps at 0.4037%, 5-Yr is down 16bps at 0.5436%,

10-Yr is down 17.9bps at 0.6908%, and 30-Yr is down 16.5bps at 1.227%.

- With European traders reporting limited liquidity in usually liquid

instruments, it will be interesting to see how things proceed in Tsys as the

U.S. comes in, particularly given the major dislocations over the last few days.

- Immediate global attention is on the ECB decision at 0845ET.

- A smattering of data out today that is likely to be largely ignored (i.e. PPI

and last week`s initial jobless claims at 0830ET).

- $16bln 30-Yr bond reopening worth watching at 1300ET.