News flow has been rather quiet so.....>

BOND SUMMARY: News flow has been rather quiet so far, keeping core FI confined

to tight ranges. RTRS ran some sabre-rattling vs. China from U.S. Pres Trump.

Elsewhere, China's official & Caixin M'fing PMIs missed expectations, with the

latter slipping into contraction.

- T-Notes last seen +0-01+ at 139-00+, yields sit marginally lower in cash

trade. Eurodollars last trade up to 1.0 tick lower through the reds.

- JGB futures trade at 152.94, +10 ticks vs. settlement. Yields have inched

lower, curve runs slightly flatter. Japanese retail sales and flash industrial

output printed in the negative, with the latter less bad than expected.

Liquidity is limited as many participants are off, taking advantage of the

Japanese holiday calendar.

- In Australia, YM is unch. & XM -0.5. Cash trade sees yields a touch higher

across the curve. Bills sit unch. to +1 tick through the reds. Australian Q1

terms of trade were worse than expected, while private sector credit topped

projections. The RBA pulled the brakes on its YCC purchases and didn't offer to

buy any ACGBs, which inspired a mild curve steepening.