While risk on was the overriding theme......>

US TSYS: While risk on was the overriding theme through NY dealing a spate of

risk off flow hit the broader markets in the early part of Friday's Asia-Pacific

session after US President Donald Trump revealed that he has ordered the US Tsy

to consider $100bln in additional Chinese tariffs.

- It was a heavy volume Asia-Pacific session that saw Tsys squeeze to session

highs, although the space is now operating off of best levels as stocks

recovered throughout the Asia-Pacific session, with the belly of the curve

outperforming.

- The eurodollar strip is also higher, but off of best levels.

- Friday's docket is headlined by the US labour market report & there will be

speeches from Fed Chair Powell & FOMC Voter Williams (who is of course the

incoming chief of the NY Fed).

- T-Notes last at 120.22, US 10-Year yields last at 2.814%.