A limited Asia-Pac session for.........>

BOND SUMMARY: A limited Asia-Pac session for T-Notes, with the contract

underpinned by a broader defensive feel in the wake of the late NY dynamics,

which saw the major U.S. equity indices pressured. Driving factors behind the

moves seen in late NY hours were: Sino-U.S. tension, the re-shuttering of some

businesses in California and a few equity market idiosyncrasies at the fore.

T-Notes +0-03 at 139-10 yields sit within 0.5bp of Monday's closing levels,

marginally richer across the curve.

- JGB futures added 6 ticks, benefitting from the broader cautious feel and a

solid enough liquidity enhancement auction for off the run 5-15.5 Year JGBs.

Yields were richer across the curve, although 7s and 20s underperformed.

- Aussie bonds were focused on the syndication of the new ACGB Nov '25, with

A$17.0bn worth of the line issued in the middle of the AOFM's initial price

guidance. The latest NAB business survey revealed a bounce for both the

confidence and conditions metrics, while the latest ABS payrolls survey saw a

slight downtick for the number employed at the end of June (w/w). YM -0.5, XM

+0.5, holding tight ranges in Sydney hours.