Focus remains on the latest............>

BOND SUMMARY: Focus remains on the latest developments in Sino-U.S. spat, which

spilled over beyond trade matters. In geopolitical news, Turkey said its

military forces will cross the Syrian frontier shortly. Elsewhere, U.S. Pres

Trump refused to cooperate in the ongoing impeachment probe. That said, core FI

space has failed to post any material gains. T-Notes are back to neutral after

touching an early high of 131-26, last trade at 131.22. Looking at cash Tsys,

the yield curve runs slightly steeper. Eurodollars -1.0 to +0.5 tick thru reds.

- JGB futures last seen at 155.03, 8 ticks above settlement & just above session

lows. They've sold off after opening higher on the back of heightened U.S.-China

tensions. Cash JGB yields oscillate around unch. levels.

- In Australia, YM + 0.5 tick & XM +1.5 tick. A soft Westpac cons. conf. reading

triggered a knee-jerk uptick in the space as headline index slid to a 4-year

low. ACGB yields sit 0.7-1.9bp lower, with some curve flattening apparent. Bills

last seen unch. to 2 ticks higher through the reds. The AOFM tapped the market

for A$800mn of 2.75% 21 Nov 2029 ACGBs; bid to cover was 2.2750x vs. the prev.

4.0000x, but the size of the auction (A$800mn) was larger than normal.