A negative session for Asia-Pacific....>

BOND SUMMARY: A negative session for Asia-Pacific equities/trade war worry have

helped to keep the downside in core global bonds limited. T-Notes last -0-09+ at

125-10+, with 10-Year cash Tsy yields last at 2.266%. FVN9 116.00 puts were once

again in demand during early Asia hours. Eurodollar futures trade unchanged to

5.0 ticks lower thru the reds.

- Aussie bond futures have edged lower. YM last -4.5 ticks, with XM -5.5 ticks.

YM/XM deals at 41.5 ticks, with the cash equivalent at 38.9bp. A market source

highlighted some interest in YM/XM curve longs at 41.0 ticks after a low of 39.5

printed on SYCOM. NSW issuance may had added some extra weight to the space.

Bills trade 2-5 ticks lower thru the reds. Decent upward revisions to the 2nd

estimate of 19/20 CapEx exp. negated the weak headline Q1 CapEx & building

approvals prints, after a knee-jerk higher on the release.

- JGBs are unwinding some of the recent curve flattening, while futures last

trade 14 ticks lower than settlement, threatening to break back below 153.00.

- German FI futures have tracked the remainder of the core global FI space.

Schatz last -1.0 tick, Bobls -7.0 ticks, Bunds -20 ticks.