A very tight start to the session......>

BOND SUMMARY: A very tight start to the session was seen in T-Notes. Some late

pressure crept in as the Editor in Chief of China's Global Times tweeted "Based

on what I know, China will introduce important measures to ease the negative

impact of the trade war. The measures will benefit some companies from both

China and the US." Contract last -0-07 at 129-30. Yields 0.5-1.1bp lower across

the curve. Eurodlr futures 2.0 ticks lower to 1.0 tick higher thru the reds.

- Little to talk about in Aussie bonds with ACGB & corporate supply noted as the

main contracts stuck to tight ranges after the SYCOM sell-off. YM -4.0, XM -6.0.

YM/XM sits at 26.0 as a result. Bills 2-5 ticks lower through the reds,

excluding IRU9 which is +2 ahead of tomorrow's expiry.

- JGBs traded defensively &came under fresh pressure in the wake of a weak round

of 5-Year supply & the aforementioned tweet from the Editor in Chief of the

Global Times. The tail at the auction widened vs. the prior, with the low price

coming in below dealer exp. The cover ratio was the lowest seen at a 5-Year

auction since May of 2017. The belly continues to underperform following some

concession this morning, with futures -33 ticks at writing.