A quiet one so far, with many..........>

BOND SUMMARY: A quiet one so far, with many markets across the region shut for

holidays. Headline flow was thin, with focus on worrying accents in earnings

reports from Apple and Amazon, as well as continued U.S.-China sabre rattling

from the POTUS. U.S. equity index futures trade off lows, but still in the red.

- T-Notes trade -0-01+ at 139-00+ and are happy to stick to a tight range. Curve

runs flatter, yields sit 0.6-1.8bp lower in cash trade. Eurodollars are unch. to

-0.5 tick through the reds.

- JGB futures have slipped, last trade at 152.62, -17 ticks vs. settlement. Cash

yields mostly sit higher across a flatter curve. Core Tokyo CPI missed exp. as

inflation turned negative in April, while final Jibun Bank M'fing PMI was

revised lower. The focus turns to an enhanced liquidity auction for off the run

1-5 Year JGBs.

- In Australia, YM is unch. & XM unch. as we type. Yields are mixed across the

curve, with belly outperforming. Bills trade unch. to -2 ticks through the reds.

AiG M'fing PMI tmbled to a record low and final CBA counterpart was revised

lower; PPI slowed a tad in Q1. The AOFM sold A$3bn worth of ACGB 21 Nov '24.