Developed FI instruments have come.....>

BOND SUMMARY: Developed FI instruments have come under some pressure and operate

near their session lows at typing, despite little in the way of headlines that

could act as the immediate driver.

- T-Notes trade -0-06 at 127-03+. Cash Tsy yields are trading 0.6bp to 1.8bp

higher across the curve, with some bear steepening apparent. Eurodollar

contracts are unch. to 2.0 ticks lower through the reds.

- JGB futures last seen 15 ticks below settlement at 153.61, retesting session

lows. Meanwhile, the Nikkei 225 has recovered somewhat, but remains in the red.

Cash yields trade a touch higher across the curve. Japanese PPI released earlier

today undershot expectations, and was negative both on a M/M and Y/Y basis.

- Australian YM sits 1.5 tick lower, while XM trades 2.5 ticks lower. Aussie

bond yields last seen 1.0bp to 2.1bp higher across the curve. Bulls are trading

1-2 ticks lower through the reds. Muted reaction noted to a pretty grim Westpac

consumer confidence reading, while ACGB 2.50% 21 May 2030 supply is expected at

the top of the hour.