Summarise in 200 characters:

Yesterday's late day flattening move of the Treasury curve continued, as 2s10s flattened ~15bps, an intraday high since March, while 5s30s flattened ~8.5bps. Despite initially rallying on weaker Jobless Claims and Durable Goods Data, 2s were cheaper by 2bps on the day, while the long end richened by ~15-16bps, which was the biggest move in cash across the curve. Flows wise, market saw a fair amount of stop outs in steepeners. In duration, market saw strong selling by Hedge Funds in 30s, buying by Insurance and Pension Funds in 30s, and net buying in 10s led by FRM via curve and fly structures. 

In China IG, mostly street actions on beta names. Market closed low beta names unch while high beta names about 3-5bp tighter. Client flows have been on the quiet side with locals selectively adding duration. Low beta has some selling, while high beta remain well bid. S&P sees China Vanke's 3Q23 results broadly in-line with expectations, expect company to maintain its debt-to-EBITDA ratio below downgrade trigger; S&P sees Vanke has enough liquidity to meet its debt maturities, both onshore and offshore, for the rest of 2023 and 2024.

In China HY, strong day in performing assets as the rates move finally prompted some actions in China HY. Macau trading active on two-way flows; RMs skewed buyers while HFs are skewed sellers on profit taking, long end up 1.5pts and front end is anywhere from 0.25-0.5pts higher. NWD another complex trading active, with EGM on NWS privatisation coming at 4:30, seeing better buying on perps from PBs and better buying on bullets from RMs. China property and industrials remain muted with levels lower on day on residual sell flow. Country Garden pays on time 2% 2nd amortisation, interest on termed-out private panda bonds onshore. 

In Sovs, just a chase from the street and closed ~0.625-1.25pt higher in the belly of the curve and long end is ~1.625-2.125pt higher with spreads pretty much tracking. In IG, things were mostly 2-3bp tighter. PETMK outperformed 2-5bps tighter, followed by EXIMBK and POWFIN -2bps. In HY, a continuation of tone from Asia morning with better buying seen after London came in. Levels call it +0.25-0.75pt on the back of the risk on move post FOMC. Spreads still wider which is understandable given the big moves in rates. Flow wise, we saw buyers along the curve with PWONIJ and JSTLIN lifted. MEDCIJ 29 traded as high as +0.75pt. Thai AT1s and perps traded +0.25-0.5pt. ADANI +0.5-0.75pt with laggard finally get chased. 

In SGD, flows were quiet in the morning as the market was still digesting the rates move overnight, SORA IRS curve was 7bps to 12bps lower. Activity picked up in the afternoon with most clients looking to add risk. For bank papers, we saw two-way interest on 33NC28s and better buying on 32NC27s, leaving the curve a touch steeper. The recent CMZB 34s saw good buying interest with levels up 5-10c. Bank seniors and local/foreign bank AT1s continued to see better buying, levels flat to 20c higher. 

AT1 closed the day ~70c higher, with strong buying from all regions after the Fed and the BofE both gave slightly doveish statements. The rally started right from the Asian open, with GSIB paper in strong demand, especially UK and French.