Treasuries opened NY weaker after...>

US TSYS SUMMARY: Treasuries opened NY weaker after overnight 2-way flows then

ebb with German Bunds & UK Gilts around 6:42am ET; cash US 10-yr note recently

at 99-7+ (2.338% session high yield) vs. 2.315% session low yld at 5:04am ET. US

Senate tax writers at 11:30am ET unveil barebones tax plan to members.

- TOKYO: Jpn's Nikkei stk index +2% near 25-year highs then -1%, ended -0.2%.

Tsys saw good Asian central bank buying in 5Y, 10Y esp. as US$ weak vs yen; prop

buying. Regional banks bought 5Y, 10Y. US Pres. Trump cited "1-sided and unfair"

trade condition favoring China in US-China trade;  Trump did not blame China but

rather prior US trade officials who did not bargain hard for US. Trump, China's

Xi Jinping then unveiled $250B in US-China trade deals. 

- LONDON: EGBS core and peripherals weak as European Comm ups GDP forecast to

2.2% in 2017, 2.1% in 2018, pressuring Tsys. Tsys had bank sales in 3Ys, real$

and macro sales in long end; deal-tied flow. Tsys pre-auction shorts/sales into

1pm ET $15B 30Y auction (new).  

- US SWAPS: Mildly flatter;recent front end flies: 2/3/5Y, 3/4/5Y. EURODLR

FUTURES: Weaker. OVERNIGHT REPO: Tsy 3Y, 10Y tight; old 3Y tight too.