Tsys started session weaker on......>

US TSYS SUMMARY: Tsys started session weaker on very light volume on what was

expected to be a quiet session w/London out for post-Easter holiday. Tsys

rebounded into midday as equities cratered eminis -84.0 and change to 8558.0 lvl

last seen mid-Nov'17, Indu's -707.0, paring gains late, curves recovering small

portion last wk's flattening.

- Other risk assets reflected the risk-off move w/gold higher (XAU off highs at

+16.27, 1341.27 in late trade), West Texas crude broadly lower (WTI -1.8, 63.14)

on inventory build and chatter Saudi to lower crude prices in Asia. US$ index

gained (DXY +0.55, 90.029).

- China responds to US tariff w/slap on wrist: China annc tariffs on 128 US

products (25% on portk/pork products, 15% on appr 120 fruits/fruit products,

nuts, wine).

- Muted react to Feb construct spending +0.1%, well below the +0.5% exp, and

Jan's flat reading unrevised, but Dec rev up to +1.6%. Accts waiting for Fri's

headline Mar NFP (+190k est after Feb blow-out +313k), AHE est +0.3%.

- Swap spds mixed, decent scale payer in short end, >$1.5B 2Y payer.