Summarise in 200 characters:
After trading weaker in the London session on the back of a weak 30yr gilt auction, dip buyers emerged, and treasuries were better bid in the New York morning in steepening fashion ahead of the JOLTS report. JOLTS came higher than expected with a small upward revision, sending treasuries tumbling for the remainder of the day. Shortly after the release, big move in JPY sparked speculation of MoF activity, most likely a rate check, which has been done in preparation for intervention in the past. Flows saw RM two ways better buying in 2s and 3s, buying in 5s & 20s, and two ways in 30s, while HFs sold 2s. Fed speakers remain unfazed by recent price action and continue to advocate higher for longer while keeping optionality for more hikes. Tomorrow market gets ADP, Services PMI, and Final look at August Durables. 30yr are within spitting distance of 5%, while 10yr real yields close to 2.5%. 

In China IG, the landscape still remains technical with flows muted, low beta SOEs remains mostly unchanged while there was some weakness in the higher beta names. CHILOV 3bps tighter on street lifts while low beta TMTs up to 4bps wider on RM selling. Moody's has withdrawn Jiayuan's ratings due to insufficient information. 

In China HY, market is stronger than expected in certain pockets, NWDEVL being the focus this morning post Friday's late earnings call screening better than investor expectations coming back from the long weekend in Hong Kong. Bonds are 1-2pts higher on two-way flows with HFs better buyers, PB/RMs two-way, flows dried out in the afternoon but generally levels are holding up with buyers on the bid. China property flows muted with bonds 0.5-2pt lower again as onshore buyers are out on golden week while RM flows are still skewed seller. Macau trading lower with rates the main driver, long end trading 0.5-1pts lower while front end is 0.25pt lower on light flows. 

Treasury yields soared to the highest since 2007. For Sovs, with recent rate sell offs, Indon/Philip long ends now selling off to +130+ over. In IG Corps, tone felt softer across the board especially during the afternoon with rates making another leg lower. PTTGC continues gapping tighter with the 31s last lifted on street at +192 which brings it almost back at pre-downgrade levels, we are seeing some profiting taking into the strength. Duration is also starting to see a pickup although at a slower pace. In HY, soft-ish open with level 0.25-0.375pt lower on the back of the rate move but spreads were once again firm across non China HY bonds. Short dated bonds continue to be active. For SGD bonds, flows continue to remain constructive among the retail community with better buying interests seen as investors sought to deploy idle cash to work. There were balanced activities between both the financials & non-financials. Also seen some quries and active in a host of names such as ACAFP, CMZB, HSBC & the local bank names and seeing interests in both the TLC/IG & cross-over names. 

AT1 closed the day ~30c lower, with government bond markets continuing to weigh on the sector. Longer calls continued to underperform, down about 0.5pts, while short calls remained pretty resilient. Z-spread to worst in the sector as a whole is now back above Z+500, with EUR and GBP z-spreads considerably higher.