Core global FI contained in Asia,......>

BOND SUMMARY: Core global FI contained in Asia, albeit a tad choppy on the back

of the latest chapter of Sino-U.S. trade related communique, but the initial

optimism was quickly unwound on the back of a lack of a hard, positive outcome.

This came after Fed Chair Powell's "glass more than half full" rhetoric added to

the mid-cycle adj. theme re: recent rate cuts. T-Notes +0-00+ at 129-17 last,

yields little changed. Some focus on block trades, with what looked to be a

10.0K USF0 156.00 put rolled into 10.0K USG0 156.00/154.00 put spread. There was

also a 10.0K screen buyer of USF0 152.00 puts. Eurodlr futs close to unch. thru

reds. There was a block seller of 2.5K of the 0EZ9 98.500/98.375 put spread.

- JGB futures ticked higher on the back of the latest 40-Year JGB auction, last

+7 ticks, with the high yield at auction coming in 2.0bp < dealer exp. as the

cover ratio jumped. Curve now flatter on the day post-supply.

- Aussie bonds were quick to recover their phone call inspired losses, with

modest flattening creeping back in (YM +0.5, XM +1.5). Bills +1 to -1 tick thru

reds. Continued focus on RBA Gov. Lowe's address, scheduled for 20:05AEDT. RBA

Deputy Gov. Debelle provided little new in his earlier speech.