What’s particularly interesting in overnight market action is that the White House latest positive spin on the upcoming G-20 meeting has failed to raise spirits in markets. Bloomberg reported that the US is set to delay tariffs as a sign of good faith and to resume talks with Beijing. However, the US 10y Treasury yield is still trading around 2.00, its recent low. Meanwhile the 3-month/10-year Treasury yield spread continues to trade sideways, and clearly inverted at around -14bps or so. Furthermore, Asian equity markets were generally lower this morning, though only moderately so. For the full report, click HERE