Little new has been telegraphed........>

BOND SUMMARY: Little new has been telegraphed lately in terms of broader picture

themes. T-Notes last trade unch. at 127-11+, range-bound so far. U.S. yield

curve has shifted a touch lower. Eurodollars are unch. to +0.25 tick through the

reds. Reports re: DOJ probe into tech names were doing rounds early doors.

- JGB futures have eased off a tad under pressure from a stronger Nikkei 225,

last trade 1 tick below settlement at 153.68. Cash JGB yields oscillate around

neutral levels. Flash PMIs from Jibun Bank improved a touch vs. the prior

readings, but no reaction was noted across the FI space.

- Aussie bond futures picked up a bid after Westpac lowered its call re: the

RBA's terminal cash rate to 0.50% (prev 0.75%), and frontloaded its call for the

next rate cut to Oct., prev. Nov. This followed an uptick observed on the back

of worrying signals re: labour mkt sent by the latest CBA PMI survey coupled

with APRA announcement that it required Macquarie, Rabobank & HSBC to tighten

the intra-group funding arrangements for their Australian operations. YM last

+3.5 ticks, XM +2.0 ticks. Aussie yield curve has bull steepened, with yields

sitting 1.0-3.8bps lower. Bills trade 3-4 ticks higher through the reds.