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A trial of Moderna's Covid-19..........>

BOND SUMMARY
BOND SUMMARY: A trial of Moderna's Covid-19 vaccine, which produced antibodies
in all patients taking part in the study, pressured core FI from the off, as the
news stoked hopes for a quick development of a functional vaccine. Market
reaction may have been limited by some caveats, such as side-effects exhibited
by a few patients. T-Notes reopened on the back foot and has fluctuated within a
0-03 range since; they last trade -0-06 at 139-07+. Yield curve has bear
steepened in cash trade. Eurodollars last seen unch. to -1.5 tick thru reds.
- Aforementioned risk-on dynamics pushed JGB futures lower. The contract has
stabilised around current levels, last sits at 152.06, 8 ticks below settlement.
Yields are marginally mixed in cash trade, with 20s slightly underperforming.
All eyes are on the BoJ today, with policymakers set to deliver their latest
monetary policy decision.
- In Australia, YM unch. & XM +1.0 at typing, while cash curve runs a tad
flatter. Bills sit -1 to +1 tick through the reds. Westpac Consumer Confidence
Index dropped to 87.9 from 93.7 this month, as the resurgence in local Covid-19
infections has weighed on sentiment.

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