Treasury prices are modestly higher with the belly outperforming and spreads mixed. Treasuries were up from the get-go on North Korea concerns, which also supported JGBs while Asian stocks slid and the dollar-yen reversed post-FOMC. JGB liquidity tap was also fixed income supportive. In London, Treasuries softened with most EU bonds on strong Eurozone PMI data and expectations for higher third-quarter growth in the area. Flows were strong, 10Y were most active yet two way with Asian bank demand in 10Y and Japanese demand in 5Y and 10Y but others described better sales in 10Y. Elsewhere, the dollar is lower versus most majors, save the GBP, global equities are mixed with Asia lower, EU was better but the US is looking towards a lower open. Commodities are mixed, gold is up though energies lower as OPEC unlikely to announce cut extension but focus on compliance.


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