EM CEEMEA CREDIT: KYRTBO: FITCH ASSIGNS USD BONDS 'B' RATING

• Still mostly bid, Treasuries are paring gains as markets continue to assess this morning's China tariff headlines, potential reductions, non-unilateral negotiations as well as comments from Tsy Sec Bessent's "in need of a rebalancing".
• Jun'25 10Y futures currently +6 at 110-31.5 vs. session high of 111-18.5. Initial technical support at 110-15 (Apr 15 low) followed by 109-08 (bear trigger).
• Curves holding flatter profiles but off lows, 2s10s -8.126 at 49.839 (46.527 low), 5s30s -6.953 at 81.376 (77.371 low).
• Cross asset: Bbg US$ index near session high currently +3.28 a t 1224.90; stocks gaining again: SPX eminis +178.0 at 5492.75, Gold has cratered: down over 103 at 3277.5, crude falling as well (WTI -1.47 at 62.20

Core global FI markets are off pullback lows, while equities are off session highs, with a couple of factors at play:

• Suggestions that the previously touted potential reductions in U.S. tariffs on China would not be unilateral and would form part of the U.S. negotiation plans with China. Multiple newswire sources also indicated that there is no evidence that China and the U.S. are currently engaging in such negotiations.
• A fresh move lower in crude oil prices after RTRS sources suggested that several OPEC+ members want the group to approve another accelerated oil output increase at their May 5 meeting.

The DMO has announced it will be looking to sell GBP4.5bln of the 4.375% Mar-28 Gilt (ISIN: GB00BSQNRC93) at its auction next Wednesday, April 30.