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Global trade tensions continue to......>

BOND SUMMARY: Global trade tensions continue to damage risk appetite as both
U.S.-China and Japan-South Korea trade rows keep intensifying, providing support
to the core FI space. Renewed demand for the paper was noted at the Tokyo equity
open as local benchmark stock indices slid on risk aversion.
- T-Notes last seen +0-02+ at 128-30. Cash Tsy yield curve runs steeper a tad,
with yields sitting 1.4bp lower to 0.1bp higher. Eurodollar contracts trade
unch. to 3.5 ticks higher through the reds. Comments from Fed's Brainard & ISM
non-m'fing headline today's docket in the U.S.
- JGB futures have added 15 ticks vs. settlement, last trade at 154.05, just off
the session high. JGB yield curve has bull flattened a touch. BoJ 5-10 Year
Rinban ops are due later today.
- Australian YM sits 2.5 ticks higher, with XM 1.5 tick higher. Bills last seen
1-3 ticks higher through the reds. AiG services PMI print was particularly
dismal, while the CBA equivalent was little changed vs. the flash estimate.
Melbourne Institute's inflation gauge is due later today. Cash bond markets are
closed for a bank holiday in New South Wales.

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