T-Notes stick to a tight range in early.....>

US TSYS: T-Notes stick to a tight range in early dealing, shy of Thursday's best

levels, with little in the way of reaction to the latest round of Chinese

headlines re: the recent trade talks with the U.S. Yields are marginally higher

across the curve.

- Xinhua noted that "trade talks (between the U.S. & China) made important

progress." The article describes the talks as "candid, specific & fruitful." The

wire has gone on to reiterate that China will buy more U.S. energy &

agricultural goods, although it is a little more vague on the IP front, stating

that the 2 countries will improve IPR co-operation.

- Notable option activity as follows: TYJ9 121.50 puts paper paid 0-14 on

~10.3K.

- Eurodollar strip trades 0.25-1.5 tick lower across the whites and reds.

- China Caixin m'fing PMI due imminently.

- T-Notes last 122.13, U.S. 10-Year cash Tsy yields last 2.640%.