US stocks rose this morning along with global equities after China confirmed that they will raise penalties for violating intellectual property rules, another optimistic signal that a phase-one deal is imminent between the two largest economies. Treasuries dipped on the news early in the morning but rebounded after economic data releases. Equitiesrallied across Asia after pro-democracy candidates brought a landslide victory in Hong Kong. In corporate news, Charles Schwab Corp announced that it will acquire rival TD Ameritrade Holding Corp for $26 billion in an all-stock deal while Uber Technologies Inc was stripped of its license to operate in London due to passenger safety and security being at risk. WTI crude drifted this morning, trading below $58 a barrel. In the economic calendar today, Chicago Fed National Activity Index in October declined to -0.71 from -0.45 prior vs. -0.20. Later today, the US Treasury is scheduled to auction off $45 billion of 13-week bills and $39 billion of 26-week bills at 8:30 AM (PT), and 3-year notes at 10 AM (PT).
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US stocks rose this morning along with global equities after China confirmed that they will raise penalties for violating intellectual property rules, another optimistic signal that a phase-one deal is imminent between the two largest economies. Treasuries dipped on the news early in the morning but rebounded after economic data releases. Equities rallied across Asia after pro-democracy candidates brought a landslide victory in Hong Kong. In corporate news, Charles Schwab Corp announced that it will acquire rival TD Ameritrade Holding Corp for $26 billion in an all-stock deal while Uber Technologies Inc was stripped of its license to operate in London due to passenger safety and security being at risk. WTI crude drifted this morning, trading below $58 a barrel. In the economic calendar today, Chicago Fed National Activity Index in October declined to -0.71 from -0.45 prior vs. -0.20. Later today, the US Treasury is scheduled to auction off $45 billion of 13-week bills and $39 billion of 26-week bills at 8:30 AM (PT), and 3-year notes at 10 AM (PT).
The curve has bull-flattened with UST 10-Year yield down 1.38 bps.