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China's decision to close the US.......>

BOND SUMMARY
BOND SUMMARY: China's decision to close the US consulate in Chengdu has marked
the latest escalation between the two powers and has underpinned the sell-off in
equities and rally in USD and JPY. 
- The government bond space has so far not traded in a characteristic risk-off
fashion, with a string of positive data surprises this morning partially
offsetting concerns about rapidly deteriorating US-China relations. UK retail
sales beat consensus by a wide margin (inc auto fuel: 13.9% Y/Y vs 8.3%) and,
more importantly, the volume series is now close to pre-covid levels. There was
also consensus-beating outturns for the preliminary July service PMI prints for
the UK, Germany, France and the Eurozone. 
- TYU0 has traded down to 139-18, marking the low of the day, while cash yields
are a toucher weaker across the curve.
- Gilts have traded lower following a strong start with yields now close to unch
on the day.
- Bunds have sold off and the curve has marginally bear steepened.
- BTPs have underperformed with cash yields 1-3bp higher across the curve.
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