Spill over from NY trade evident at.....>

MARKET TALK: Spill over from NY trade evident at the electronic re-open, after

risk-on flows came to the fore during NY hours, largely on the back of two

matters:

- 1) The Fed announced "updates to the Secondary Market Corporate Credit

Facility (SMCCF), which will begin buying a broad and diversified portfolio of

corporate bonds to support market liquidity and the availability of credit for

large employers. As detailed in a revised term sheet and updated FAQs, the SMCCF

will purchase corporate bonds to create a corporate bond portfolio that is based

on a broad, diversified market index of U.S. corporate bonds."

- 2) A RTRS source report which noted that "the United States will amend its

prohibitions on U.S. companies doing business with China's Huawei to allow them

to work together in standards setting for next-generation 5G networks, according

to people familiar with the matter."

- The end result was risk positive, with the USD on the defensive, giving a very

different feel to what was observed in Asia-Pac hours. E-minis have edged higher

since the closing bell on Wall St., with T-Notes offered.