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T-Notes held a tight, 0-05 range overnight, last -0-02 at 139-15+. Yields sit unchanged to 1.2bp cheaper across the curve, with some light steepening apparent. There really was little to note for the space, with Sino-U.S. tension still bubbling, nothing in the way of fresh insight provided in the latest address from Fed's Daly and an in line with expectations Caixin Services PMI print out of China.
- JGB bulls have managed to consolidate a chunk of the early bid in futures, last +12, even as support in the front-end of the cash curve waned, and the long end moved away from richest levels on the back of a lacklustre 30-Year auction, allowing some light twist flattening to play out. Elsewhere, we saw comments from BoJ dovish dissenter Kataoka, reiterating his well-known views, while some of the candidates in the ruling LDP Party's leadership race re-affirmed their own core views.
- Longer dated Aussie paper drifted back from best levels, alongside the broader core FI space, but the curve is still flatter vs. settlement levels. YM +0.5, XM +2.5. Monthly trade balance data out of Australia and the latest Chinese Caixin services and composite PMI readings had no tangible impact on the space, with the modest pullback perhaps at least partially aided by goings on across the Tasman, in the form of one of the softer NZGB tenders in recent times.