Core FI markets meandered overnight,...>

BOND SUMMARY: Core FI markets meandered overnight, in the midst of a muted end

to the Asian trading week, with ranges tight and volumes mostly subdued across

broader markets. T-Notes held below settlement levels after a late downtick in

NY trade alongside a recovery in U.S. equity markets, with a further, modest

uptick in e-minis keeping a lid on the contract in Asia-Pac hours. Contract last

prints -0-02+ at 138-24, with volume struggling to break 40K (a far cry from the

busier Asia-Pac sessions earlier in the week). Cash trade sees yields sitting

0.2-1.0bp richer across the curve, very modest bull flattening apparent.

- Aussie bond futures held a little flatter, with YM -0.5 and XM +1.5, with the

latter confined to the SYCOM range. Little to no reaction to a solid ACGB '25

auction, strong flash retail sales data (pointing to record M/M gains coming off

the worst month on record) nor the AOFM's reversion to A$5.0bn worth ACGB

issuance next week (with '29 the longest ACGB maturity on offer).

- JGB futures had very little to offer, briefly printing at unchanged levels

after the re-open, before fading, holding a tight range. Contract last -6.

Underperformance in the belly in cash trade.