A stagnant start for futures after a...>

AUSSIE BONDS: A stagnant start for futures after a pretty sideways SYCOM

session, YM +0.5, XM unch, leaving YM/XM at 36.5.

- The rate of expansion softened across all 3 of the flash CBA PMI surveys, with

CBA also noting that "the employment component of the PMI remained just above

the 50 mark. A softer pace of jobs growth will make it harder for the RBA to

achieve their goal of full employment. We expect another 25 basis point cash

rate cut in February, with the risk lying towards further policy easing."

- Bills 1 tick lower to 1 tick higher through the reds.

- The local docket is empty for the remainder of the session, with eyes still on

the lookout for the pricing of Tasmania's new benchmark 2.0% January 2030 line.

As a reminder IPT was 72-76bp over futures, or 71.1-75.1bp over ACGB 2.50% May

2030.