Core FI's softer impetus stemming......>

BOND SUMMARY: Core FI's softer impetus stemming from the (caveated) positive

initial Moderna vaccine trial faded as we moved through Asia-Pac trade, with a

focus on the bubbling Sino-U.S. tensions after U.S. President Trump formally

signed the Hong Kong Bill into law. T-Notes last -0-03+ at 139-10, with yields

unchanged to 0.9bp cheaper across the curve.

- JGB futures showed lower, but edged away from worst levels, holding a tight

range. Contract last -4. The curve twist steepened with the super-long end

cheapening. The BoJ decision offered up no surprises, while Tokyo has lifted the

level of its COVID-19 warning to the highest possible.

- Aussie bond futures saw a flattening impetus in play in Sydney trade, with an

eye on the pullback in mainland China equities and the local COVID-19 situation

in Australia. A reminder that the latest round of Westpac monthly consumer

confidence data reflected worry surrounding the COVID-19 situation. YM +0.5, XM

+2.5.