Futures were bid, aided by the.........>

AUSSIE BONDS: Futures were bid, aided by the broader risk backdrop. YM +4.0, XM

+6.5, leaving YM/XM at 36.5, providing a break from the recent steepening theme.

- Some focus on comments from Tsy Sec Kennedy who noted that MonPol remains a

better lever to pull to generate growth vs. fiscal stimulus, given the current

conditions. Kennedy pointed to the potential to use temp. fiscal responses in

times of crisis, but warned of a need to be cautious re: consequences.

- On the supply front, the AOFM sold A$800mn of ACGB 2.75% 21 Nov 2029, with a

cover ratio of 3.1012x (prev. 2.2750x). Participants are on the lookout for the

pricing of Tasmania's new Jan 2030 benchmark offering (over the next ~24 hours).

- Local skilled vacancies data was soft, though the most recent domestic labour

mkt report has been viewed by many as a reason for the RBA not to pull the

trigger again in November. An early address from RBA Asst. Gov Kent was focused

on LIBOR, with the notion that people are not ready for the transition away from

the benchmark providing the risk around the matter, in his own opinion.

- Bills 1-3 ticks higher through the reds.

- Flash PMIs dominate the local docket tomorrow.