summarise in 200 characters:

Treasuries were under pressure throughout the overnight session following the weak 5yr auction yesterday and with expectation of a strong GDP report. ECB held rates as expected, and the data overall came in strong. The only weaker data point was continuing claims. Market went to the 7yr auction 2bps off the highs on some late concession, but still 8bps richer from the 5% level. The auction itself saw strong demand coming 0.2bps thru the 1pm level with dealers taking a below average 11%. Following the auction, market traded to new highs into the close. Flows saw RM buying 3s, selling 5s & 30s, while HFs bought 20yrs. Tomorrow market gets Personal Income & Spending, PCE, and Michigan Sentiment. Next week should be pivotal with the Fed, Refunding Announcement, and a busy slate of tier 1 data. Market remains cautious on the market and trade nimbly around events.
In China IG, largely quiet session with spreads are contained despite the weakness in CDS and equities on the morning. Market traded some PINGRE around unch levels with rest of property quiet. Yet afternoon started seeing fast money selling VNKRLE front ends post lunch but there was no specific headline. Onshore VNKRLE long ends were better offered but the degree of offshore move was exceptional - 6-9pts lower on day at the lows. Very thin volumes going through and market saw short squeeze, bonds closing 4-6pts lower on day now and feeling better offered on the way out. 
In China HY, market is weaker across sectors. However, most accounts are frozen into this move with no real willing buyers due to weakening macro and huge rates volatility but no sellers either as most accounts have made adjustments and are looking to hold year end positioning through this volatility. Macau trading 0.25-0.5pt lower with scrappy sizes both ways from ETF flows, while China property remains mixed on thin flows though RM selling have seemingly picked up today especially as Vanke sold off heavily, trading -0.5-2pts on the non-Vanke lines but spillover impact have not been too high overall with just a few sellers out on each name rather than a wave.
In Sovereigns, IGs were really a reflection of what transpired overnight in IG. Better buying and a preference for duration across both the sovs & the quasis for the first time in awhile trading ~0.25-0.625pt higher on the day (+/-2bp). Frontiers sees SRILAN trading in good volumes and ~0.5-1pt higher on the day while MONGOL is quieter and marked ~25c higher in sympathy. In IG, buyers in BIDU 31 at  +147. Singapore credits seen investors picking bonds on higher UST yields; PSASP 30 and STSP 30, and of course buyers in Temaseks at higher UST yields. SG Bank T2s were also active yesterday with buyers in UOBSP and OCBC. UOBSP 32 lifted T+154, 153, OCBC 32 up 140. Thai space BBLTB recent issues traded tad heavy, BBLTB 33 down 148 and 150, 28s more supported trading around T+118. A relatively uneventful day with flows slowing down meaningfully vs yesterday, which is not surprising since macro volatility once again resurfaced and made everyone reassess the situation here. Levels were marked down 0.375-0.5pt without much actual trading. More headlines came out for VEDLN but don't really contain much new information. Bondholders asking for higher coupon also not helping since there's just certain interest burden they can take on to sustain the capital structure. Bonds didn't react to the headlines with levels about unchanged.
AT1s closed the day about 0.3pt lower, off the lunchtime lows after treasuries rallied in the afternoon session. STANLN was the main underperformer, closing down 1pt after disappointing Q3 results. HSBC closed 0.375-0.5pts lower in sympathy. Away from that, some selling in short call papers but buyers emerged in the afternoon on those issues. Volumes were decent, especially post ECB/US GDP. Active names include SOCGEN, BNP, ACAFP, HSBC, STANLN, KBCBB, NDAFH, SANTAN, LLOYDS, BACR, UCGIM and BNS.