Little in the way of broader picture...>

BOND SUMMARY: Little in the way of broader picture developments noted on the

news wires so far, apart from the usual coronavirus updates.  Core FI are facing

some modest pressure. T-Notes last trade +0-00+ at 130-29. Cash yields are

broadly unchanged across the curve. Eurodollar futs last seen 0.5-1.0 tick

higher through the reds. U.S. President Trump is due to start his State of the

Union address shortly.

- JGB futures have shed 27 ticks vs. settlement and last sit at 152.58. Cash

yields have ticked higher across the curve. Final readings of Japanese Jibun

Bank services & composite PMIs were revised lower. Elsewhere, BoJ Dep Gov

Wakatabe sounded a little more cautious in his latest speech.

- Aussie YM -9.5 & XM -10.0; the paper has slipped as RBA Gov Lowe has pointed

to a higher bar to further easing. Some brief & v. modest pressure seen earlier,

in the wake of the auction of 21 May 2032 ACGB. Curve runs steeper, with yields

sitting 8.4-10.3bp higher. Bills last trade 4-9 ticks lower through the reds.

Overnight saw Terry McCrann argue that the RBA is expected to leave the cash

rate unchanged "not just through this year but into 2021 as well."