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Core FI bounced as a Fox News..........>

BOND SUMMARY
BOND SUMMARY: Core FI bounced as a Fox News interview with White House trade
adviser Peter Navarro got some wider airing. Navarro, a known China hawk, said
that the trade deal with China is "over" as he lashed out at Beijing for its
failure to warn against the coronavirus earlier. T-Notes last trade +0-05 at
138-27+, near session highs, with yield curve undergoing some bull flattening in
cash trade. Eurodollar futures trade unch. to +1 tick through the reds.
- A rally in JGB futures allowed them to test resistance from Jun 16 high of
152.25. The contract last deals at 152.22, 8 ticks above settlement. Yield curve
runs steeper in cash trade. On the data front, a decent rebound in Jibun Bank
Services PMI was coupled with a modest deterioration in the M'fing gauge.
- Australian YM trades -0.5 & XM -1.0, after pushing to session highs on the
back of aforementioned risk-off dynamics. Initial bear steepening has unwound
somewhat, but yields continue to sit higher & steeper in cash trade. Bills trade
unch. to -1 tick through the reds. The release of preliminary trade data out of
Australia has been overshadowed by the Navarro story, while flash CBA PMIs
recovered somewhat. The AOFM sold A$100mn of the 1.25% 21 Aug 2040 I/L Bond.
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