Risk aversion overnight triggered...>

US TSYS SUMMARY: Risk aversion overnight triggered by Trump comments on imposing

punitive tariffs on China for Coronavirus alongside European/Asian public

holiday dampening trade. Equities sharply lower, Tsys higher.

- Though unsurprisingly with the global holiday situation (note also that cash

Tsys will be closed in Asia hours Monday through Wednesday, owing to the

Japanese national holidays), volumes are light: 127k TYs traded by 0640ET.

- Jun 10-Yr futures off highs, up 2/32 at 139-04 (L: 138-30 / H: 139-08.5). The

2-Yr yield is down 1.2bps at 0.184%, 5-Yr is down 2.2bps at 0.3402%, 10-Yr is

down 2.9bps at 0.6102%, and 30-Yr is down 3bps at 1.2549%.

- S&P eminis off 1.9%, Nasdaq off 2.4%.

- April ISM is the data highlight at 1000ET. Survey says 36.0 (informed by big

drops in regional surveys), with low est of 30.0/high of 45.0. 

- Preceded by Markit Final PMI at 0945ET, while March const. data also 1000ET.

- Fed announced expansion of PPP after market close Thursday in case you missed.

- Today's NYFed purchases: TIPS 7.5-30Yr ~$2.5bln, nominal 0-to-2.25-Yr ~$8bln.