Core FI largely shrugs its shoulders at the...>

BONDS: Core FI largely shrugs its shoulders at the Chinese economic data, which

was a mixed bag. Expect volatility in Chinese economic releases as we move

forwards, as the country looks to recover from the initial COVID-19 outbreak.

- Interesting to note the moderation in the surveyed unemployment rate in March

(5.9% from 6.2%, although still above pre-virus levels), which will no doubt

please policymakers, as will the stronger than expected industrial production,

although retail sales were weaker than expected.

- The NBS Spox is currently out trying to put a positive spin on things, as he

notes that economic data improved in Mar vs. the Jan-Feb period, that is of

course a very low base. Also putting a positive spin on early April trade

figures and power generation.

- T-Notes edged off worst levels, but still comfortably lower on the day. Aussie

bonds virtually unmoved.