Tension surrounding the WHO (as Trump.......>

US TSYS: Tension surrounding the WHO (as Trump threatened to permanently freeze

U.S. funding for the Organisation & consider pulling the U.S.' membership) and

source reports pointing to a shake up for NASDAQ listing requirements (which

could hamper the ability of Chinese firms to raise capital) added to the early

regional buy the dip mentality in Asia. T-Notes last +0-06+ at 138-25+, yields

0.5-1.6bp richer across the curve at writing, with 10s outperforming. T-Notes

off best levels, with yields off lows into Europe, but ranges remain contained

on decent enough volume (T-Notes >71K). Europe's take on the potential fiscal

advances within the region (which still needs to pass through some of the more

frugal nations N.B. Austria has already pushed back on the Franco-German

proposal) and overnight market dynamics will set the tone in early London trade.

- Flow wise, overnight we saw a 2.0K block seller of the USN0 178.00/176.00 put

spread.

- An address from Fed Chair Powell will be supported by seperate addresses Fed's

Kashkari and Rosengren later in the day, with housing starts and building

permits headlining the local data slate.