A move lower in regional equities......>

BOND SUMMARY: A move lower in regional equities supported core FI in Asia-Pac

hours, with the latest round of combative comments from U.S. trade advisor

Navarro & the EIC of China's Global Times doing little to aid risk appetite.

That being said, core FI was generally contained. T-Notes initially ticked lower

before the broader risk-off flow supported, with the uptick also helped by 3x

2.0K block buys of the TYX9 132.00 calls. Elsewhere downside plays were in

vogue, early trade saw a 30.0K block buyer of the FVZ9 119.25/118.75/118.25 put

ladder. T-Notes last +0-01+ at 131-06, with yields 1.0-1.9bp lower.

- JGB futures have registered fresh highs, last +31 ticks just off best levels.

The space saw a solid enough 15.5-39 Year liquidity enhancement auction,

especially given the worry ahead of the supply. Super-long paper has pared a

chunk of its morning underperformance in early afternoon trade as a result.

Elsewhere, BoJ's Funo didn't deviate from the BoJ's central message.

- A ltd one for Au Bonds, with flattening at the fore after the recent run of

steepening. YM +1.0, with XM +3.0. 3-Year futures are seemingly unwilling to

extend thru recent highs in the absence of a fresh domestic catalyst (for now).