Little to pen re: core global FI.......>

BOND SUMMARY: Little to pen re: core global FI. Early Asia-Pac hours saw

headlines note that that U.S. TR has proposed adding tariffs to a further $4bn

worth of EU goods over the bloc's aircraft subsidies. The news sent U.S. T-Notes

to their session highs, before gains moderated. Elsewhere, U.S. Pres Trump noted

that "a lot of people want us to take action against tech companies," although

this had little tangible effect on the space. T-Notes last trade +0-05 at

127-27. Shorter dated Tsys have witnessed some slight underperformance

overnight. Eurodollar futures last seen 0.5 to 1.5 tick higher through the reds.

- JGB futures last trade 2 ticks above settlement and have stuck to a tight

range. Super-long paper has seen some marginal outperformance after yesterday's

steepening. The latest 10-Year JGB auction had no real impact on price as the

cover ratio eased at the margin, tail edged tighter and low price met dealer

exp.

- Aussie bonds have been side-lined ahead of the RBA decision, with OIS markets

pricing an 85% chance of a cut later today. YM +1.5 tick, XM +1.0 tick. Bills

trade unchanged to 1.0 tick higher through the reds.