T-Notes tick lower at the re-open, likely...>

US TSYS: T-Notes tick lower at the re-open, likely on the aforementioned daily

Hubei Coronavirus count, with the contract -0-02 at 130-15+ as we type. This

comes after the space finished lower on Wednesday as the curve bear steepened.

- Early European trade saw FI take a hit on what appeared to be a

re-circulation, and a somewhat unverified report out of China via national TV

which noted that a university has found "an effective drug to treat people with

the new Coronavirus." There was also a Sky News headline at the same time,

titled "Coronavirus: 'Significant breakthrough' in race for vaccine made by UK

scientists," although the meat of the story was much less enticing than the

headline. Markets seemingly clung to the Chinese story. Later the WHO noted that

there is "no breakthrough treatment for novel coronavirus as of yet."

- Blowout headline ADP data, coupled with minor negative revisions, then gave

fresh downward impetus, before T-Notes bottomed in early NY trade. Range was

tight through the remainder of the session, with little fallout from latest

ISM/PMI prints.

- 20-Year issuance details to be announced in May.