It has been a relatively slow start....>

BOND SUMMARY: It has been a relatively slow start to the week. China's trade

data released on Sunday has drawn some attention, as a combination of firmer

imports & a drop in exports translated into a narrower than forecast surplus.

T-Notes last trade -0-00+ at 128-28. Cash yields are little changed, but mostly

a tad higher. Eurodollars unch. to +1.0 tick through the reds.

- JGB futures opened higher, but sold off thereafter and finished the morning

session at 152.20, -25 ticks vs. settlement. Cash yields trade a bit higher

across the curve, 10-Year yield has shown in positive territory for the first

time since March. Some pressure may have come from final Japanese Q3 GDP data,

which saw the annualized figure revised to +1.8% Y/Y from the flash est. of

+0.2% vs. exp. of +0.4%. Meantime, BoP trade balance was wider than forecast.

Eco Watchers Survey is yet to be released. Today's round of 10-25+ Year BoJ

Rinban ops saw no changes to purchase sizes.

- In Australia, YM -3.0 & XM -4.5. Cash yields sit 3.0-4.1bp higher across a

slightly steeper curve. Bills last seen -3 to +1 tick through the reds. The AOFM

tapped the mkt for A$1.2bn worth of the 1.50% 21 Jun 2031 ACGB.