Focus remains on the summit of EU......>

BOND SUMMARY: Focus remains on the summit of EU leaders, who are negotiating a

joint fiscal response to the Covid-19 crisis. The plenary meeting is scheduled

to resume shortly. A round of risk-off flows, which pushed e-minis into negative

territory, put a modest bid into T-Notes, which currently trade +0-02+ at

139-14. Yields sit marginally lower across the curve in cash trade, with light

bull flattening creeping in. Eurodollar futures little changed, last seen -0.5

to +0.5 tick through the reds.

- JGB futures have recoiled from earlier lows and finished the morning session

at 152.37, 4 ticks shy of settlement. Cash JGB yields are mixed, as 2s, 5s & 20s

are slightly negative. Japanese trade deficit was wider than expected as exports

tumbled more than forecast, while imports shrank less than estimated.

- Australian YM trades unch. & XM sits -1.5 as we type. Yields are little

changed across the curve, with 10s marginally underperforming. Bills last seen

-1 to +1 tick through the reds. The AOFM auctioned A$2.0bn worth of ACGB 2.25%

21 Nov 2022. Participants already await Thursday's fiscal update from Treasurer

Frydenberg, while they keep watching the local Covid-19 situation.