ASIA JGB's rose towards a 21-month high as late-session losses in the US stock market drove gains in UST's overnight, encouraging investors to add debt holdings (RTRS) At 0630 JGB's were trading 136.85 (+0.34). PBOC's Yi: China Dollar reserve policy is 'firm', Dollar remains main reserve currency, China should diversify reserves (BBG)** GLOBAL FIXED INCOME SPREADS - US 2s/10s (0630) 76.26 bps (74.35 bps at 2100); US 10s/30s (0630) 34.69 bps (34.13 bps at 2100); EURO 2s/10s (0630) Unchanged (25.57 bps at 2100); EURO 10s/30s (0630) Unchanged (31.60 bps at 2100) US/GE 10s (0630): Unchanged (11.17 bps at 2100) UK/GE 10s (0630): Unchanged (59.00 bps at 2100) U.S. S&P downgrades 112 tranches from 21 U.S. cash flow and hybrid CDO deals with total issuance amount of about $4.7 billion (RTRS)** Subprime hits likely to keep coming as banks like UBS and Citigroup may face more charges than they've yet taken (WSJ)** Moody's puts Bear Stearns rating on review for a possible cut (IFR Markets)** EUROPE Barclays will reveal the size of its writedowns today, two weeks ahead of scheduled in order to calm market fears (Times)** FOREX USD 101.2 billion in Treasury coupon payments and redemptions due between November 15-November 30 (RTRS) Analysts are noting that big U.S. coupon payments can often result in a dollar negative impact. COMMODITIES Oil remained near $94 overnight after rebounding a day earlier on expectations that US inventories could have fallen again last week, and as an OPEC output increase appears off the cards for this month (RTRS) At 0630 crude was trading $93.87 down 22c. MEND says war is 'imminent in region', advises all oil workers to leave, claims responsibility for attacked Exxon site (BBG)** OPEC to tweek 2007 oil demand growth lower today, OPEC to trim 2007 growth to 1.2 million barrels/day vs. 1.3 million previous (RTRS)** The comments came from an OPEC official, who also said that global oil stocks will rebuild in Q1. EIA Chief: high oil price demand erosion minimal in U.S., OPEC still needs to up crude output 400k barrels/day (DJ) The EIA chief, also said that national average gas prices may hit $3.26/gallon in next two weeks. Shell Mars oil platform in U.S. Gulf Of Mexico expected back at normal rates of 190k boe/day in next couple of days (RTRS) The above commentary was provided by Real-time Analysis & News (R.A.N) Ltd (known to traders as âRansquawkâ) operates from 0630GMT until 2200GMT to incorporate full coverage of the US bond and equity futures markets. Currently R.A.N covers Bond, STIR and Index futures in the US, UK and Eurozone as well as NYMEX crude and Gold. Furthermore, R.A.N has a stand alone Forex service (Ransquawk FX) which covers all the major currency pairs. Coverage is based around the economic calendar for that day but the product finds its value looking at flows, rumours and breaking news and then deliver that information to the customer via an internet âsquawk-boxâ. For more information and a 1-week free trial please email us at info@ransquawk.com