An active Asian session which saw equities continue to advance (Nikkei +0.03%, Hang Seng +0.78%, Shanghai Comp -0.50% & S&P/ASX +0.23%). We also saw the Kospi reaching an all time high just after the open. The Nikkei was held back by the advancing Yen after the dollar suffered across the board due to a WSJ article reporting that Special Counsel Mueller issued a subpoena for Russian related documents from Trump campaign officials. This also lifted treasuries which squeezed higher for most of the session with TYZ7s trading around 3 higher from late NY trade. Volume was robust with an above average 112k lots going through. JGB's also had a positive session trading 12 higher from the close and 23 higher from the NY lows after the BOJ surprised the market and reduced its 1-to-3-year buying to the least since May 2014. Elsewhere Oil & Gold were both higher as tensions in the Middle East continue to rumble and Reuters reported that North Korea was aggressively working on a ballistic missile submarine. In other news Fed's Williams suggested that a December hike as well as 3 more next year was perfectly reasonable and the US Senate panel voted to advance the GOP tax legislation to the full senate.
Key Headlines:
-Australia New Motor Vehicle Sales Data M/M 0.0%, pvs -0.5%. Y/Y +1.0%, pvs -0.8%
-BoJ cut 1-3 year buys of JGBs for the first time since April to ¥250 Bln from ¥280 Bln
-The PBoC set the yuan mid-point at 6.6277 against the Dollar
-The PBoC injected 10 Bln yuan via 7-,14- & 63-day reverse repos
-The PBoC injected a net 810 Bln yuan for the week via OMOs
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