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The early risk-on tone wasn't..........>

US TSY/RECAP
US TSY/RECAP: The early risk-on tone wasn't consistent through the day, with
T-Notes going out at best levels.
- Equities had moved to session highs into the close, with chatter that
risk-parity a/c's were back in on the move, buying Tsys and equities as the new
month gets underway.
- This was before Apple earnings weighed on equity futures after the bell as the
miss on iPhone sales, softer guidance than most were looking for and removal of
iPhone,iPad & Mac individual unit sales from futures earnings releases weighed
on the tech giant, as it slid ~7% after hours, lending support to Tsy futures,
pushing T-Notes to a fresh high.
- China headlines were also in focus Thursday, with rhetoric from Trump & Xi
seemingly a little warmer, and a meeting between the 2 indicated at the upcoming
G20 summit.
- NFP provides the event risk on Friday, with the latest FOMC MonPol decision
due next week.
- T-Notes last 118.19+, U.S. 10-Year cash Tsy yield closed at 3.130%.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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