Futures clawed back much of their overnight....>

JGBS: Futures clawed back much of their overnight & early Tokyo losses in the

latter part of the morning, on the back of the broader risk-off flows,

post-Trump. Contract went into the lunch break 13 ticks below settlement, but 52

ticks off the lows.

- Risk-off flows have extended since then, so we may see some extension in the

early part of the afternoon session if the moves hold, although worth

remembering that we do have 20-Year JGB supply due. Recent primary auctions have

been weak, and worry ahead of supply had weighed on the space over the last 24

hours, with the long end of the cash curve a little more reluctant to go bid

during the late morning rally.

- Swaps were generally tighter across the curve, with notable receiving seen

from 5-Years out, especially when compared to the moves in cash.