Investors have shown caution in........>

BOND SUMMARY: Investors have shown caution in Asia-Pac hours, as worries re:

global growth remain, while exp. of more global MonPol easing are growing. Early

focus fell on U.S. Pres Trump's announcement that he is set to nominate Judy

Shelton & Christopher Waller for seats at the Fed Board of Governors, while the

latest round of Chinese Caixin PMI data underwhelmed.

- T-Notes have breached Junes high, but are off best levels, while 10-Year

yields have set a fresh cycle low. T-Notes last +0-04+ at 128-09. The Cash Tsy

yield curve has bull steepened. Eurodollars +2.5-3.0 ticks thru the reds.

- JGB futures last +16 ticks, with the Nikkei 225 operating in the red & the JPY

on the front foot. The BoJ cut the size of its 3-5 & 10-25+ Year JGB purchases

in its Rinban operations, but lifted the size of 1-3 Year purchases. The move

will leave the total monthly purchase amount of JGBs unch. if there are no

further adjustments & highlights the BoJ's desire for a steeper curve.

-In Australia, YM last +4.0 ticks, with XM +3.5 ticks. Bills 1-4 ticks higher

thru the reds. Local data topped exp., but broader themes supported the space.

- German FI also sits a touch higher; Schatz +3.0, Bobls +10.0, Bunds +29.