Core global bonds remain underpinned...>

BOND SUMMARY: Core global bonds remain underpinned by the U.S.-China trade

impasse, with news flow from the weekend dominating proceedings in early trade.

- T-Notes last 124.04+, a touch shy of best levels, while yields trade 2.7-4.1bp

lower across the curve, with the belly leading. U.S. 10-Year cash Tsy yields

last 2.433%.

- JGBs have edged higher, with futures last +3 ticks. Yields trade marginally

mixed across the curve, as participants await 1-5 Year Rinban operations from

the BoJ.

- The Aussie bond space has tracked broader risk-flows, YM last +2.0 ticks, with

XM also +2.0 ticks. YM/XM trades at 47.5 ticks, with the cash equivalent at

44.1bp. Bills trade 1-2 ticks higher through the reds. Participants look to the

auction of an XMM9 basket constituent at the top of the hour.

- German FI futures operate on low volume. Schatz unch., Bobls unch., Bunds +2

ticks.