Core global FI space ticked higher.....>

BOND SUMMARY: Core global FI space ticked higher overnight as JGB strength

spilled over to a degree. Muted reaction was noted to a tweet from U.S. Pres

Trump stating that tariffs on Mexico were "no bluff," as well as to softer than

exp. Caixin PMI readings out of China.

- T-Notes last trade +0-01+ at 127-00. Cash yields eased 0.7bp to 2.5bp across

the curve, with the 10-year yield last seen at 2.114%. A 2-/5-Year block

flattener and TYN9 128.00 call seller provided the highlight flow-wise in the

Tsy space. Eurodollar futures are trading 0.75 tick lower to 1.0 tick higher

through the reds.

- JGB futures advanced & last trade at 153.54, 27 ticks better off, surging

through YtD highs in the process. The yield curve bull steepened, modestly, with

yields sitting 1.5bp to 2.8bp lower across the curve at typing.

- YM last deals 2.5 ticks higher, with XM 1.0 tick higher, with some bull

steepening apparent. Bills sit 1 tick lower to 3 ticks higher through the reds.

Muted reaction was noted to Australian GDP data & today's ACGB supply.

- Bunds +0.10 at 171.05, Bobls +0.04 at 133.910, Schatz +0.005 at 112.080.