Caution ahead of U.S. President........>

BOND SUMMARY: Caution ahead of U.S. President Trump's Friday address re: China,

coupled with focus on larger than usual month-end extensions and bond positive

month-end rebalancing supported the U.S. Tsy space in the final Asia-Pac session

of the month, leaving T-Notes +0-08+ at 138-29+, with yields sitting 0.8-2.5bp

richer across the curve. Fed's Daly offered little new in her latest address.

- JGB futures held a relatively tight range in Tokyo hours, and last sit -1 on

the day. Local economic activity data was weak, while Tokyo CPI provided an

upside surprise as the latest labour market report met exp. The front end of the

curve outperformed, with yields further out marginally mixed.

- Aussie Bond futures hovered around unchanged levels for the duration of Sydney

trade, with a solid round of ACGB '25 supply seen, as the rolldown aspect of the

line probably outweighed the lack of hedgability via 3-Year futures. No

surprises in the latest weekly AOFM issuance schedule.