Summarise in 200 characters:

Treasuries opened the session quiet overnight as market waited for CPI. Data certainly did not disappoint with downside surprise to core CPI at 0.226% vs 0.3%. Super core was also lower at 0.216%. Outright moves were more in focus as belly outperformed rallying -24bps, easily 2+ std dev move. Similar and sizeable move in reds and greens as well with market pricing -21bp cut by May meeting and -53bps by July. Flows were two-way with t-lock interest thru 4.50% 10s, while CB buying on the counter. Also saw RM and HF selling 2s and 3s, RM selling 20s. Tomorrow market gets retail sales and PPI, along with Empire state mfg, Barr and Barkin. Market will see if retail sales adds to this cooling data thesis, but in the meantime favor trading with steepener bias. 

In China IG, quiet session ahead of CPI with most accounts preferring to wait post data to take action. Market got hit in some TMT names by RM accounts like LENOVO/XIAOMI/WB but spreads are still largely unchanged with most dealers still hungry for risk. Some of the RMs are still looking for duration but generally there is a lack of supply. Market traded some TENCNT long end, still can do two way along this curve. HG property is about 1-2pts lower but not much flow going through.  

In China HY, active afternoon session after a quiet morning, there's been good two-way flows in performing assets among RMs with some year-end positioning getting closed up ahead of thanks giving, Macau trading 0.125-0.25pt higher as rates tightened ahead of CPI with RMs selling into the bid and street paying up. China property, very late day headlines with a proposed 1 trillion RMB support program that lacks details if any, bonds were 0.5-1pt lower on the day but traded back to unch to 0.5pt higher to end. FOSUNI also seeing an active session post EUR loan headlines, bonds up 1-2pts with fast money chasing. 

In Sovereigns, INDON/PHIL two-way though a skew to selling from ETFs, they are getting absorbed into aggressive bids with the ongoing local bid for duration. Cash prices broadly unchanged on the day as are spreads. Frontiers have been a little more active. MONGOL has run into some demand out of Asia while SRILAN continues to drift lower on the passive supply. In IG, better selling overnight from RM/ETFs while today a pickup of activity with a continuation of ETF selling vs RM buying keeping flows a little more two-way. Activity in Malay space, ETF selling in KNBZMK/PETMK from overnight and the morning, with RM/PB buying of the PETMK curve in the afternoon. Had RM buyers of KNBZMK 26. Generally unch-1bp tighter. In India, better buying from RM/PB across EXIMBK/BHARTI/INRCIN, with some light RM selling in the afternoon. 1-3bps tighter. And in Thai IG, light RM buying of PTTGC belly with PB checking PTTGC long end OWICs. Finally saw some TOPTB 30s come out but levels incredibly squeezed. In HY, mostly unchanged and marginal buying seen after Diwali long weekend but overall activity remains muted with US CPI due to release tonight. ADANEM under spotlight with 120m tender launched at 85 vs 72.5 last week. Bonds jumped 4pts with HFs chasing but some signs of fatigue afterward with some bonds coming out mid 77 context.

In SGD, a slower session post long weekend in Singapore with focus on US CPI data tonight. Institutional investors were seen looking for insurance subs but else largely side-lined. Retail momentum slowed down over the weekend but buying interest still seen in corporate perpetuals as well as foreign bank senior and AT1s. Flows were balanced in T2 papers with laggards such as LLOYDS starting to get picked up and front-end corporate seniors were sold in smalls. Active names include ACAFP, AIA, ANZ, BNP, CMZB, DB, OCBC, LLOYDS, MAPLSP, SINTEC, SRENVX, STHSP and STSP.

AT1s closed the day about 0.75pts higher, with about 0.5pt of that coming after the very benign CPI print. That is about 12bps tighter in Z-spread to worst. There was decent buying before the number too, with some European asset managers and lots of Asian PBs adding risk. In the afternoon, lots of bonds were not offered for the first hour or but levels started to find a level eventually. Issuers may come to the primary market tomorrow to take advantage of this tone. Active names include SOCGEN, BNP, UCGIM, ACAFP, HSBC, DNBNO, LLOYDS, SANTAN and BNS.