E-minis pulled back overnight as.......>

BOND SUMMARY: E-minis pulled back overnight as Sino-U.S. tensions continued to

bubble. The main points surrounded U.S. legislation that could ultimately result

in Chinese firms delisting from the U.S., the potential for further tightening

of restrictions against Huawei & U.S. President Trump's latest tweetstorm.

Musings from the head of the CDC re: the potential for a 2nd round of COVID-19

later this year also did the rounds, although this wasn't a particularly fresh

topic. T-Notes +0-03+ at 139-06, with the curve flattening as yields richen by

0.6-2.7bp. 20s outperform after Wednesday's strong auction, which triggered a

J.P.Morgan recommendation to go long the belly of the 10s/20s/30s fly.

- JGBs also benefitted from the the breakdown of the latest BoJ 1-5 Year Rinban

ops, which saw tighter spreads and a moderation in the offer/cover. Futures +14,

7-10 Year sector of the curve lagging.

- The Aussie futs curve flattened, YM +0.5, XM +3.0, even with the RBA choosing

to refrain from bond purchases, again. A fairly sensationalist lead from the AFR

re: an old story surrounding Chinese port inspections of iron ore got some

attention, but seemed misplaced. RBA Gov. Lowe offered nothing new via panel.