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Treasuries have been rocked in......>

US TSYS SUMMARY
US TSYS SUMMARY: Treasuries have been rocked in both directions by US-China
trade headlines ahead of the much-anticipated G20 meetings.
- SCMP source piece overnight pointed to a tentative truce between the U.S. and
China aimed at averting next round of tariffs. Tsys sold off to session lows.
- China Foreign Ministry spokesman `not aware of SCMP report` headline offered a
lift to Tsys.
- Then just before 0600ET, WSJ sources story out saying China Pres Xi is to
present Trump with a set of terms (ending Huawei ban, tariffs etc) which raise
big questions on whether a deal can be reached soon.
- Equities sold off; Tys recovered almost all losses.
- Sep 10-Yr futures (TY) last up 1.5/32 at 127-20.5 (L: 127-12 / H: 127-22).
- Curve trading mixed: 2-Yr yield is down 1.2bps at 1.7569%, 5-Yr is down 0.4bps
at 1.791%, 10-Yr is down 0.9bps at 2.0381%, and 30-Yr is down 1.1bps at 2.5587%.
- Data includes final Q1 US GDP (minimal chg expected) and jobless claims.
- G20 headlines likely to continue to feature heavily. See our 0437ET bullet for
Trump's rough schedule (or contact us) - meets Japan's Abe at 1930ET tonight.

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