summarise in 200 characters:

Treasuries opened firmer particularly in long end as bid from strong US20yr followed thru strong JGB 20yr auction overnight. Lower Chicago Fed and in-line CAD CPI did little to impact prices but front end started to recover NY morning. Existing home sales slowed to a 13yr low (3.79m vs 3.90m exp) as curve steadily bull steepened into $15b 10yr tips reopening. Market was hit bear steepening the curve into Fed minutes. Nothing new out of minutes as message was consistent with late Fedspeak as they saw rates remaining restrictive, agreed to proceed carefully and need of more evidence of inflationary pressures abating. Flows were mixed with HF two-way in 10s and 20s30s flattener. Duration continues to trade well as 10s sideline near 4.40%. 

In China IG, MEITUA was about 5bp tighter but back to unchanged. XIAOMI and LENOVO both still 5bp tighter on the day. Long end TMTs also have some RM flows, mainly chasing the lower cash price one. It was about 1-2bp tighter on back of thin flows. HRINTH still lagged the rally, levels largely unchanged regardless of the grand moving tighter. Both locals and RMs are still lining for taking profit. Baidu 3Q23 revenue RMB34.5b, +5.9% y-y; adjusted EBITDA RMB9.5b, +7.1% y-y; cash & eqv RMB202.7b, vs RMB201.5b q-q; total debt RMB79.7b, vs RMB83.6b q-q.

In China HY, spreads in the Macau space are stable and trading 0.125-0.375pt higher with rates tighter. Market continues to see good interest in extension trades and switch trades across the space with RMs net adding risk against profit taking on spread sellers. US flows picking up as fund flows for EM/US HY products are seeing net inflows in the last week. In China property, DALWAN mostly an isolated event; Bonds traded 7-16pts lower and closed around 4-10pts lower as dip buyers and short covering flows emerged, flows two-way there to close the day. In the rest, a day where the named lines are popping another 2-3pts while there's been more trading on the rest of the names potentially making the white list. Across the board market has several lines 1-4pts higher and on a quality basis, this is across the spectrum with both low cash and high quality names trading higher. Seeing some RM flows return but mostly still driven by fast money. Very active day for NWD with bullets still 3-4pts firmer on day and perps finally seeing stronger flows from both PBs and RMs alike, bonds being lifted across curve with profit taking sellers getting thinner on depth. In industrials, momentum is still heading north. Lots of single line industrial bonds getting buyer's interest with names like WESCHI up 2.5pts on multiple buyers RM/HF alike, while seeing similar price actions on a smaller scale for larger caps like FOSUNI/GLP.

In Sovereigns, INDON/PHIL traded 0.375-0.75pts higher on the day on the back of compression play out with Quasis running into a lot of demand. Locals, ETFs and Asian real money all on the same side of the flows. Frontiers, MONGOL traded 0.5ps higher despite the imminent new issue and SRILAN is stabilizing with some demand. In IG, constructive session in the space with PTTGC headlines the exciting event. Flow wise, generally better buying overnight which continued today. In Malay, two-way flows in KNBZMK with buyers of the 26/31s vs sellers of the 33s; street lifted the 28/33s EOD. ETF buyers of PETMK today. KNBZMK 2-3bp tighter, PETMK belly outperformed about 5bps tighter. In India, RM selling vs ETF/PB buying in the space. 1-3bps tighter. In Thai, PTTGC the big mover here as headlines emerged over the company selling 50% stake of GC logistics for THB 2.64bn. Buyers of the curve right off the bat and which stabilised about 3-5bps tighter with small RM selling. Otherwise, small selling in BBLTB new issues too but finished the day with street lifts. In HY, closing +0.125-0.5pt higher today on the back of constructive backdrop. Activities at low end with excitement back on China credits. Flows still skewed to better buying with laggards getting chased. Adani unchanged to ~+0.25pt, lifted ADANEM 30 by HF, ADANIG 24 still two-ways. India renewables +0.125-0.375pt in light 2 ways with some selling. CLRNPW outperform with two-way traded +0.625pt. India HY corps +0.125-0.5pt while India airport traded +0.125-0.25pts higher.

AT1s closed the day about unchanged, with most bonds marginally higher but BAERVX closing 2pts lower, dragging the average down. BAERVX stock had stabilised, but in AT1 the name is relatively illiquid and is taking a while to adjust. Flows overall were balanced, with Asian investors buying and US investors better sellers. No signs of upcoming supply. Activities mainly in SOCGEN, BNP, ACAFP, UCGIM, CMZB, KBCBB, LPTY, SHBASS, HSBC, NWG, UBS, BNS, BACR and BKIR.