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EGB OPTIONS

Bund downside structures

EQUITIES

A gap lower for Stoxx600 on the cash open

SPAIN DATA

Spanish GDP Rose in Q2

GILTS

Opening calls

NOK

Trades in  the red against all majors

US TSYS
US TSYS: Treasuries finally stabilize and draw dip buying after selloff earlier
on WSJ/Wash. Post stories saying US Pres. Trump met with Kevin Warsh Thurs on
potential Fed chair post; however there appear to be still 3 other contenders
including current Fed Chr Yellen. And this process won't be done until year-end,
said WSJ, so difficult to bet one way or the other so soon, said traders. Still
Tsys saw 2/30Y, 5/30Y, 5/30Y and 7/30Y curve flatteners done on potential for
hawkish policy if a new Fed chair is put in. 
- That occurs as some traders view Warsh as hawkish. Meanwhile others thought
MBS would not like Warsh in such a post, but that appears to be a matter of
great debate. "The Fed buying in MBS is coming to an end: by this time next
year, they will not be buying MBS more or less," said one trader, hence he
downplayed impact of whichever Fed Chair is in place by that time. 
- MBS higher coupon spreads widened on the news, said traders.