Headline flow has been limited, with...>

BOND SUMMARY: Headline flow has been limited, with the Covid-19 outbreak still

front and centre. China's daily update revealed a moderation in new cases count,

although the death toll edged higher. Meanwhile, South Korea reported 15 new

domestic cases, bringing their total number to 46.

- T-Notes trade -0-01 at 131-05+, having round tripped from an earlier low of

131-01+. Yields are marginally mixed in cash trade. Eurodollar futures trade

0.5-1.0 tick lower through the reds.

- JGB futures knee-jerked lower at the open, but little in the way of obvious

catalysts has been noted. The contract deals at 152.74, 4 ticks shy of

settlement. Local core machine orders data was weak, while the monthly trade

balance data revealed a slightly narrower than expected deficit. Cash yield

curve has bear steepened.

- In Australia, YM +1.5 & XM +1.5. Yields trade 1.3-2.0bp lower across the

flatter curve. Bills are unch. to +1 tick through the reds. In the local data,

skilled vacancies rose by 0.7% M/M, while wage price index matched expectations

both on a M/M & Y/Y basis.