Tsys have moved higher in early dealing,....>

US TSYS: Tsys have moved higher in early dealing, as risk off flows hit the

screens after the Tokyo re-open. As mentioned previously, this is likely the

result of some residual spill over from the negative Wall St. & EU lead. While

some are pointing to volatility calibrations linked to the Chinese market swings

as a reason for the sell-off in risk.

- Yields have edged higher, with the curve sitting a touch flatter as the belly

experiences some modest outperformance.

- Eurodollar flow remains light, with EDZ8 leading, although ~50% of its volume

thus far was executed in 1 trade.

- T-Notes last 118.01+, U.S. 10-Year cash Tsy yields last 3.188%.