T-Notes -0-06 at 129-12+ as we head into....>

US TSYS: T-Notes -0-06 at 129-12+ as we head into European hours after S&P 500

futures registered fresh all-time highs in Asia. A press conference from China's

National Health Commission, outlining the current Coronavirus situation &

preventative measures in play, took the edge off (for now), with a lack of overt

worry evident. Also worth flagging better than expected South Korean GDP data

for Q419, which many view as a bellwether for the global economy (although the

2019 print was still suppressed when compared to recent historicals).

- Belly of curve underperforms. Flow wise, focus fell on the block sale of some

calls across different expressions, a regional theme of late. 20.0K TYJ0 131.00

calls were sold vs. buying of the TYJ0 128.00/127.00 2x1 put spread (covered in

futs). Elsewhere, the USJ0 154.00/161.00 risk reversal traded, buying puts to

sell calls, with 10.0K blocked in total (8.0K covered in futs, 2.0K uncov.).

- Eurodollar futs -0.5 to -2.5 ticks through reds, some steepening evident.

Light interest was seen in EDZ0Z1 & EDM3M4 spreads.

- Existing home sales, FHFA house prices, MBA mortgage apps & Chicago Fed

activity data all due Wednesday.