Summarize below:

Treasuries were softer overnight as EGBs reversed post-ECB gains following FT article on hawks warning risks of Dec hike. US10s neared 4.35% support as 30yr Ger sold off 7bps but our curve was rather stable. At the lows market saw better FM/RM buying in 2s and 5s as well as CB buying 10s as mkt rallied into industrial production. Miss on sentiment and softer inflation forecasts pushed the mkt even higher steepening the curve but that was short-lived as it failed to reach overnight highs and sold off into close. Not much to make of recent price action as it remains range-bound but duration remains heavy as it is oscillates near upper end of local ylds. FOMC next Wed is obvious next risk event as market look toward another light Monday with just NAHB. 20yr also reopens on Tues and also have UK inflation early Wed morning. BoE and BoJ also follows from Thurs. Have started covering shorts at these lvls but still do not favor initiating longs. Tactically market still prefers selling strength near term. 
In China IG, firm day overall with buyers in HRINTH and front ends. Market saw some 2 way in TMT long ends, buyers in the belly, and buyers of HAOHUA. HKLSP traded 2 way today as well overall levels unch now. Fitch downgraded Longfor Group to BBB- from BBB; outlook to negative from stable. Moody's downgraded Sino-Ocean Group to Ca/C from Caa2/Caa3; outlook negative. Moody's downgraded Road King Infra to B2 from B1; outlook negative. 
In China HY, life coming back into the market with this morning being the most active one across China HY sectors in the last few sessions, China surprising with an RRR cut late yesterday alongside a solid set of data leading to firmer markets across. Equities outperforming our side again with HSI up close to 2% into lunch, but closed off the highs, similar themes with investors remaining cautious in property with bonds +/- 1pt without much follow up buying, Macau trading touch lower in the afternoon as well as rates sold off post Europe open, industrials generally am firm as a sector with GLP's recent outperformance, trading +0.25-0.5pt on the sector. Certain staff of Evergrande’s wealth management business have been detained by police; NAFR (previously CBIRC) approved the establishment of Haigang Life Insurance, led by state-owned stakeholders, to take control of Evergrande Life. 
For Sovs, very slow end to the week. Despite seeing better selling in-house, spreads were largely stable. Market were lower across the board, tracking UST. 10-yr were about 0.25 pt lower, long-end about 0.5 pt lower. In frontiers, SRILAN is unchanged while MONGOL is unchanged to 0.125pt lower. Relatively quiet end to the week in Indian credits. Indian IG flows remained on the weaker side, with Asian and European real money selling tighter papers especially in the 3-5 yr segment. That said, higher beta PSU papers like RECLIN and POWFIN were better bid. Overall, spreads still remained unchanged. In the Indian HY, flows were actually fairly constructive on Friday, with a client buy:sell ratio of 3:2. Generally, steel producers and renewables saw some buying interest, though street seemed to be a better seller of Indian HY risk, keeping levels contained. Indon HY, especially the MEDCIJs and PWONIJ 28 were higher for the day. 
AT1 closed last Friday ~15c higher, with all of that gain happening early in the session. Asset managers and HFs were strong buyers, both of recent deals and of higher beta older issues. For the remainder of the session, market saw two way flows from private wealth investors and a few profit takers late in the day on the best performers. The new BBVASM 9.375s were trading in decent size in the 100.25-100.375 range.