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US Treasuries open NY lower, with...>

US TSYS SUMMARY
US TSYS SUMMARY: US Treasuries open NY lower, with 2/30Y and 5/30Y flatter after
overnight consolidation followed Tuesday safe-haven bid gains tied to N.Korea
firing of missile over Japan. Risk-on mood means European equities firmer, as
are US stock index futures. All await 8:15am ET ADP and 8:30am ET 2Q GDP.
- TOKYO: Tsys had brief bid early which evaporated, then consolidation after Tue
gains as US/N. Korea tensions moderated. Sources reported asset manager and
Asian regional bank selling in the intermediates 
- LONDON: Tsys cut losses, peakikng about 5am ET, holding range, then drifting
starting about 7am ET. Tsys saw two-way flows from bank portfolios in the short
end, with prop and fast$ buying in intermediats. Sep/Dec futures roll volume
moderates into Thurs first notice. EGBs recently pressured after slightly higher
than expected German CPI. 
- US SWAPS: Wider. 
- US TSYS RP: Tsy 2Y, 5Y, 10Y notes all trade tighter. 
- US CORP HIGH-GRADE ISSUANCE: Kommunalbanken $1.0B 2Y today, JFM Thurs.

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