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Treasuries opened NY lower,.........>

US TSYS SUMMARY
US TSYS SUMMARY: Treasuries opened NY lower, flatter after overnight technical
ebb, selling on tax reform hopes and Dec rate hike jitters, pre-auction
sales/shorts into 1pm ET $28B 7Y auction.  
- TOKYO: Treasuries saw initial mild position-squaring bid then brisk sales in
futures and cash as JGBs declined on soft 2Y JGB auction. Tsys technical sales
as 10Y yld rose over 2.326% 200-day moving avg. Tsy 10Y futures hurt by heavy
put buys on 124.5 strike for TYZ7 options. Asian banks sold 10Y, others
liquidated Tsys. Boston Fed Rosengren: advisable to tighten for next 1.5 yrs.
Asian stocks mixed: Jpn Nikkei +0.5%; China, HKG ebbed. 
- LONDON: 10Y Tsy futures busy volume, with end-users doing curve flatteners vs.
recent curve steepening; some did 5/10Y vs. long end flatteners. Real money sold
10Y, while others sold front end. End-users bought 7Y, 10Y, 30Y Tsys. 
- US SWAPS: Mixed: Overnight real$ and macro paying in 10Ys. 
- OVERNIGHT REPO: Tsy 2Y, 3Y, 5Y, 7Y, 10Y notes all tight; 30Y calm. 
- US SOVEREIGN/CORPS: Thu: Kingdom of Belgium $1.5B long 2Y (MS-4) and EBRD
$500M global long 3Y (MS+5s) via BARC/C/CRAG.

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