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Treasuries have continued to........>

US TSYS SUMMARY: Treasuries have continued to drift lower in European trade
following a weak overnight session, alongside a push higher in stocks and
- The Mar 19 T-Note future is down 7/32 at 120-14, having traded in a range of
120-115 to 120-245.
- Cash curve is trading mixed; the 2-Yr yield is up 1.8bps at 2.7476%, 5-Yr is
up 2.9bps at 2.7428%, 10-Yr is up 2.5bps at 2.8826%, and 30-Yr is up 1.4bps at
- Stocks and commodities enjoying a mid-morning rally, with no particular
trigger seen (potentially delayed reaction as US-China trade news digested). S&P
E-Minis and front-month WTI each up 0.7%.
- Reports of a U.S.-China phone call re: trade between Mnuchin, Lighthizer & Liu
initially provided limited impact.
- PPI at 0830ET provides Tuesday's data highlight. NFIB small business optimism
came in at 104.8 in Nov vs 107.4 in Oct and BBG survey median of 107.0.
- No Fed speakers as blackout continues ahead of the Dec 19 monpol decision.

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