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BOND SUMMARY: A narrowing of fiscal differences at the extended EuCo gathering
hasn't resulted in a deal, yet, with the participants set to re-convene this
afternoon. Elsewhere, COVID-19 worry in the likes of the U.S., Spain, Italy and
Hong Kong, as well as simmering Sino-UK tensions, combined with the
aforementioned lack of commitment on the EU fiscal front, kept a lid on risk
appetite overnight, lending some light support to Tsys. T-Notes last +0-02+ at
139-14, holding a 0-04+ range, with yields sitting 0.2-1.3bp richer across the
curve, with light bull flattening evident.
- JGB futures recovered from worst levels, last unchanged on the day, with
little in the way of substantial underperformance in the long end for much of
the session, even ahead of tomorrow's 20-Year supply (although 20+ Year paper
perhaps lagged on the rebound from cheaps).
- Aussie bonds were also subjected to the broader ebb & flow, recovering from
worst levels. YM -0.5, XM -1.5. Local focus falls on Thursday's fiscal update
from Treasurer Frydenberg (see earlier bullets for details), RBA events slated
for the coming days and the COVID-19 situation.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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