Asian Market Update:
Asian Market Update: It was a quiet start to the week in Asia, with trading volumes clearly below the average over the last month. Treasury yields are currently flat on the day at 1.754%, after coming back from an early low of 1.736%. 10-year JGB yields are up 0.9 bp at -0.146%, and yields elsewhere across Asia were also mostly higher, with Australia's bond market underperforming. China's base rate for new corporate loans unexpectedly stayed unchanged in October, against expectations for a slight decline. Some saw this as a sign that China's PBOC remains restrained on policy easing. The USD/CNY reference rate meanwhile was set at 7.0680, down from 7.0690 on Friday, and the PBOC Governor said over the weekend that the yuan is at an appropriate level. China's Vice Premier Liu He meanwhile said China and the U.S. made "concrete progress" towards a trade war deal in Washington. Trade data out of Japan meanwhile was weak, but still better than August numbers and Topix and Nikkei are up 0.4% and 0.3% respectively, while the Hang Seng is posting a 0.3% gain. CSI 300 and Shanghai Comp are currently up 0.12% and down -0.18% respectively and the ASX pretty much flat with a marginal 0.04% gain. Brexit developments and earnings reports will remain in focus this week and U.S. futures are slightly higher, while the front end WTI future is trading at USD 53.67 per barrel.