Core global bond markets have been.....>

BOND SUMMARY: Core global bond markets have been on the defensive for the

majority of the Asia-Pacific session, with solid Chinese GDP and monthly

activity data resulting in the most notable bout of pressure. There was little

reaction to a RTRS sources story which noted that "the U.S. may approve licenses

for companies to re-start new sales to Huawei in as little as two weeks."

- T-Notes last -0-07 at 126-28+, with the cash Tsy space closed until the London

open owing to the Japanese holiday. Eurodollar futures trade 0.5 to 2.5 ticks

lower through the reds.

- In Australia YM & XM both deal 2.0 ticks lower at writing, with YM/XM at 48.5

ticks and the cash equivalent at 44.6bp. Bills trade unchanged to 2.0 ticks

lower on the day. The latest ACGB offering (for a 2041 bond) received average

demand at best, although follow through was limited.

- German fixed income futures trade mixed at writing; Schatz +1.0, Bobls -2.0,

Bunds -16.