Core global FI markets managed to......>

BOND SUMMARY: Core global FI markets managed to correct much of the losses

witnessed late Wednesday, with Trump's coronavirus fighting plan outlined. It

held no surprises & confirmed a widely touted European travel ban, which weighed

on risk appetite. NASDAQ 100 futures went limit down at one point, but S&P 500

bears failed to force such a move before a recovery from extremes. It was

another thin liquidity, highly volatile Asia session. That was bereft of major,

market moving headlines elsewhere, so moves became largely flow driven outside

of the initial reaction to Trump's speech. T-Notes last +0-19 at 137-31+, well

shy of highs, with the curve bull flattening, after late flow in long end

futures triggered steepening into yesterday's NY close.

- JGB futures also faded, with a mediocre round of 20-Year supply, although it

may not have been quite as soft as some feared (still builds on recent theme)

- Aussie bonds looked through the government's latest fiscal package, and

tracked the broader risk impulse. YM +0.5, XM -8.5. Steepening bias held,

extending into the close, likely on exp. of fresh issuance to finance the

government's spending plan. Bills +1 to -2 through the reds.