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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.