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BOND SUMMARY: Core global FI was subjected to a very ltd start to the Asia-Pac
session. The space then saw a pickup in activity on the back of a SCMP source
piece which noted that "the U.S. and China have tentatively agreed to another
truce in their trade war in order to resume talks aimed at resolving the
dispute." As mentioned elsewhere, while the SCMP piece revealed little new (very
similar to a BBG sources piece earlier this week), the market reaction
reiterates the relatively pessimistic expectations heading into the G20 summit,
with bonds coming under pressure as result. A bounce back in Chinese industrial
profits will also have aided sentiment. T-Notes last -0-04 ticks at 127-15,
while the curve saw some light bear flattening. Eurodollar futures 1.0-2.5 ticks
lower thru the reds. The EDU9 97.875/97.750 put spread saw some light activity.
- AU bond futures followed offshore themes. YM last -5.0 ticks, XM -7.5 ticks,
YM/XM a touch steeper at 42.5 ticks. Bills trade 3-5 ticks lower thru the reds.
- The JGB curve sits a little steeper with 20+-Year paper underperforming,
although futures have struggled for fresh downside impetus.
- German FI also a touch lower; Schatz -1.5, Bobls -8.0, Bunds -27.