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Treasuries are flat despite a few...>

US TSYS SUMMARY
US TSYS SUMMARY: Treasuries are flat despite a few gyrations in the European
morning, with equity futures again testing all-time highs and USD stronger.
- Quiet in the Asia-Pac session owing to Lunar New Year holidays, followed by
some weakness after 0300GMT with better-than-expected French/German flash PMIs.
- Then losses fully reversed with Futs on session highs after UK PMIs beat - but
manuf came below 50, seen as suggesting a BoE cut next week still live.
- Mar 10-Yr futures (TY) down 1/32 at 129-24 (L: 129-19 / H: 129-28) though on
decent volume (~380k as of 0630ET).
- The 2-Yr yield is up 0.6bps at 1.5194%, 5-Yr is up 0.5bps at 1.5515%, 10-Yr is
up 0.5bps at 1.7377%, and 30-Yr is up 0.8bps at 2.1858%.
- The day's data watch centers on the Jan Markit flash PMIs at 0945ET, esp given
European PMIs beating expectations.

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