Very quiet start to week, London....>

US TSYS SUMMARY: Very quiet start to week, London out for post-Easter holiday.

Tsys weaker across the curve, mid- to upper-end very narrow range. Very light

volume, appr 20% recent avg w/TYM<105k. US$ index mildly weaker (DXY -.060,

89.914); equities lower (emini -12.00, 2631.0); gold stronger (XAU +7.9,

1332.90); West Texas crude little firmer (WTI +0.30, 65.24).

- China annc tariffs on 128 US products (25% on portk/pork products, 15% on appr

120 fruits/fruit products, nuts).

- Highlights for the week ahead include ISM manufacturing index on Monday (59.5

est vs. 60.8 prior) and Friday's March employment data. March jobs is expected

to rise by 190,000 after February's blow-out 313,000 read (outshining 0.1%

average hourly earnings that everyone had been focused on). Friday's March AHE

is estimated at 0.2%. Federal Reserve chairman Jerome Powell is scheduled to

discuss the U.S. economic outlook in Chicago at 1330ET.

- Limited two-way flow included, light bank selling in 7s early Asia hours; swap

spds mildly tighter, spd curve steeper, appr $270k 2s8s9s fly early overnight,

paying the belly.