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Treasuries traded a bit soft ahead of the employment report with no reason to expect a weak print. The report came out much stronger than expected at +336k and 119k revision for the past two months. Treasuries gapped cheaper and flatter, but 10s found support at the recent high yield of 4.88%. Once rates stabilized, seemed like some RP buying came through with both the back end and risk assets very well bid into the London close. Around noon, the flow subsided, with treasuries coming off the high, perhaps on some supply setup, while risk assets remained well bid into the close. Flows saw dip buying in 10s and 20s by RM. Market goes out pricing 30% for a Nov hike and almost 50% for a hike by year end. Monday is a holiday, but Logan ,Barr, and Jefferson will be on tape. More Fed speakers later in the week with focus on Waller Tuesday. Supply will kick off Tuesday with $46bb 3yrs, followed by $35bb 10yrs Wednesday, and $20bb 30yr Thursday. The main event will be CPI Thursday, where market thinks a core print of 0.2% will allow the Fed to stand pat, a 0.3% print could put Nov at 50%, while a 0.4% will solidify a Nov hike.

In China IG, fairly firm but light session with spreads mostly unchanged to a touch tighter. Market is seeing locals buying 2-5yr paper after all-in yields have risen by so much. HRINTH is unchanged to 0.25pt lower while VNKRLE was initially 1pt higher but market saw selling into the strength, closing unchanged to 1pt lower. Fitch upgraded Tata Steel to BBB- from BB+ due to upgrade in Tata Steel's Standalone Credit Profile to bb+ from bb on the reduction in uncertainty and financial risk from its UK operations, outlook revised to stable from positive.

In China HY, market is firmer with several idiosyncratic situations gapping higher while performing HY is drifting close to unch on day with rates tighter on the futures front. China property seeing broad based buying with short covering and PB buy flows though things faded a touch as RMs sold into bids at high, Market is around 1-2pts higher and 2pts off the highs for names like LNGFOR, similar situations in NWD but with continued outperformance in the last week or so, things getting faded through the afternoon as well, generically up 1pt and 1pt off the highs. Macau generally in line with levels mostly unch and good size trading. 

In Sovereigns, INDON/PHIL traded unchanged to 0.25pt lower on the day and 2bps wider in terms of spreads with rates futures implying any sell off post the Friday data was undone. Supply in Frontiers with Sri Lanka on Friday evening and that's marked ~0.125pt lower on the day. In IG, quiet given that USTs out and the conflict in Israel keeping accounts sidelined. Seemingly resilient in most of non-China IG with spreads about unchanged, and KNBZMK 33s being lifted on street at unchanged levels. Some overnight buying of Malay/India duration. BBLTB new issues remain soggy and are 2bp wider in the 10yr. In HY, unsurprising slow day among non-China bonds with level mostly unchanged to 0.25pt lower. Investors still assessing the potential fallout from the geopolitics in middle east and waiting for EU open to get a sense of how things are trading, which is sensible since whatever happening will be just a second order. BHARTI perp and SHFLIN at unchanged levels. VEDLN -0.25-0.5pt lower while ADANI curve -0.25-0.375pt in line with macro weakness.

AT1s closed the day 0.25pts lower, with no big underperformers or outperformers in what was a fairly dull US holiday session. About 30c lower at the lows but the rally in bunds in the afternoon helped lighten the mood, especially in shorter calls. Volumes were muted albeit some activity in SOCGEN, ACAFP, BNP, BACR, KBCBB, SANTAN, DB and TD.