summarise in 200 characters:
Treasuries were better bid early morning until turning around on lower claims. Durables were weaker, but ignored as the focus is on the labor market. Michigan sentiment inflation expectations came higher than expected, and the front end took another leg lower with 2yrs selling off 10bps from the morning highs before stabilizing around noon. Reports of an explosion in Niagra Falls saw the market recover from the lows and the flats. Flows saw RM buying 2s & 3s, selling 5s,10s  and 20s, while HFs sold 5s and 7s. 

In China IG, less volatile session compared to yesterday. Several recent new issues trading 2-3bp tighter on back of retail buying and market traded block of HYUELE 31s. China TMTs took a pause from grinding, though XIAOMI and MEITUA still got lifted on back of short covering flows. TMT long ends got little flows going on with low cash bonds remaining well sought after. Alibaba Partnership member says Jack Ma will not sell stake as share price is far below actual value, per internal post. Hysan Development signs up to RMB200m loan facility with HSBC to finance the fixed investment requirement of Hysan (SH) Properties. 

In China HY, mixed picture in China property with low amounts of follow up in DALWAN after yesterday's drastic price actions, getting a lot more questions today on deal specifics. Bonds were downgraded to C in the afternoon and traded 0.5-1.5pts lower with front end underperforming. The rest of the space, finding two-way at recent highs, and bonds are still well bid but on less gappy momentum overall as market has rallied to a level where profit taking is possible among fast money investors. NWD is grinding higher as PBs and RMs remain net buyers today with PBs focusing on perps and RMs still adding smalls on bullets, bonds 0.25-0.5pts higher with sellers coming from profit takers as well. Macau was set up for a quiet day. In Industrials, quiet day overall across the spectrum. FOSUNI trading and lifted on the long end without much depth, while the rest of the space is still constructive with WESCHI tracing 3pts higher overnight in good size, calling the space unch to 1pt higher as a result.

In non-China IG, still a firm tone with cash prices unch-2bps tighter at the closed, outperforming Asia CDS. Lighter flows ahead of Thanksgiving with ETF selling vs PB/RM buying. In Malay, PETMK was active with better selling from Global RM and ETF accounts, spreads were 1bps wider. While in India, two way flows in BHARTI and spreads were unchanged to 2bps tighter. And in Thailand, PB accounts were picking up PTTEPT.

In non-China HY, mostly unchanged with more two-way going through, Indon beta was active, selling in TBIGIJ and two-ways in MEDCIJ with accounts rebalancing positions after tender. India HY Corporates closed unchanged with activities in SHFLIN and TTMTIN.

On the sovereign side, small better buying of across the Euro curve, but overall fairly quiet day ahead of the US holiday tomorrow. There were some selling in long end PHILIP with treasury volatility. SRILAN bonds are up 75c/1pt with 2 ways flows similar to previous days where ETFs and FM accounts were selling, and RM accounts flows were more two ways. The front end CAC bonds are still the most sought after, with little love for the long end (was the case all year).Mongol closed up 0.375pt.

AT1s closed about 25c higher with SANTAN outperforming after they called their SANTAN 8.1232% EUR AT1, that they did not call in September. SANTAN curve closed ~1pt higher, that was after some profit taking following treasuries retreat in the afternoon session. Active bonds were: SANTAN, SOCGEN, BNP, ACAFP, HSBC, BACR, STANLN, LLOYDS, INTNED, BNS, UCGIM, DANBNK, ISPIM, BBVASM, CABKSM, UBS.

An active session in SGD with PB flows dominating, more lifting of longer dated bullets. In the bank space, High quality Tier 2s remained well bid by both PB and RM accounts, while foreign and local bank AT1s saw a pickup of offer enquiries. Corporate bullets in the 4-7yr tenor were well sought after bringing levels 10-20c higher on the day. Corporate perps saw healthy two-way, mainly from PB, and loose bonds were well absorbed. Levels unchanged to a touch higher.