Core global bonds have witnessed.......>

BOND SUMMARY: Core global bonds have witnessed choppy price action, although

their respective ranges have remained relatively narrow. Speculation surrounding

a Trump-Xi phone call pushed bonds to session lows, although there was no

immediate impact on matters, with increased U.S. tariffs on China in play, while

BBG sources suggested the latest round of trade talks yielded little to no

progress. China has said that it will retaliate. Talks continue today.

- T-Notes sit in the upper end of their range, last 124.03, with cash 10-Year

yields at 2.439%. Yields are a touch lower across the curve. Eurodollar futures

trade unch.-1.0 tick higher through the reds.

- Aussie bonds showed little reaction the latest RBA SoMP, which saw the bank

slash its '19 GDP outlook, although it didn't commit to an easing bias, it

placed even greater focus on the labour market. YM & XM roughly unch.

- JGB futures trade 7 ticks higher at writing, with yields a touch lower across

the curve.

- German FI has followed the broader ebb and flow. Schatz -0.5 tick, Bobls +2.0

ticks, Bunds +10 ticks.