An indecisive start to Asia-Pac trade...>

MARKET TALK: An indecisive start to Asia-Pac trade with e-minis dealing either

side of unchanged thus far after Wall St.'s late Tuesday sell off on the back of

a STAT News story which noted that Moderna revealed very little information re:

its COVID-19 vaccine, "and most of what it did disclose were words, not data."

News flow has been relatively light since, with White House Economic advisor

Kudlow noting that President Trump hasn't ripped up the Sino-U.S. Phase 1 trade

deal, although he did note that the President was in a bad place re: China's

COVID-19 "mistakes." T-Notes have edged away from best levels, but still sit

above Tuesday's settlement level.

- G10 FX is tight to start the session, with JPY modestly underperforming.

- Little attention on the latest PBoC LPR fixing, scheduled for later today,

with the recent inaction re: liquidity provision interest rates resulting in

consensus exp. for no change to the 1- & 5-Year LPRs. 8 of the 24 surveyed by

BBG look for a 5-10bp cut in the 1-Year LPR (currently set at 3.85%). While 6 of

the 16 surveyed by BBG look for a 5-10bp cut in the 5-Year LPR (Currently set at

4.65%).