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JGBS

Resilience Gives Way

JPY

Market Sentiment Provides Key Driver

JAPAN DATA

Japan Oct Household Spending Down 0.6% y/y

US TSYS

Incrementally Firmer Early On

NZD

Kiwi Kept In Check Despite Risk-On Impulse

JGB TECHS

(Z1) Strong Weekly Close

BOND SUMMARY
BOND SUMMARY: Core/Semi-core EGBs are holding onto opening gains, curves remain
flatter, with little seen to distract escalation in US/China trade spat. ECB's
Draghi said they would take gradual approach to adjusting policy after patient
wait for first rate hike. German 10-yr Bund yield last 4.1bp lower at 0.357% and
2s/10s yield spread is 2.6bp tighter at 98.4bps. 
- EMU periphery have pared some of the opening sharp moves wider however remain
weighed by risk-off sentiment, while newswire reports that Italy may take
another year to balance the budget also seen weighing. 10-yr Bund/BTP spread is
5.6bp wider at 221.2bps while Spain and Portugal are circa 3bp wider.
- US Tsys trading near sessions highs having taken another leg higher as
European markets opened on continued risk-off flow. The belly of the curve has
experienced some slight outperformance. 10-yr note last -4.9bp at 2.867%.
- Money markets are trading higher, curves flatter on trade war concerns.
Green/Blue Euro$ are 7 to 8 ticks higher, while Euribor & Sstg are lagging at
4/4.5 ticks higher.