No substantial mkt reaction to the.....>

BOND SUMMARY: No substantial mkt reaction to the U.S. House of Reps impeaching

President Trump on abuse of power & obstruction of Congress. This was exp. as

the House is under Democrat control. Exp. are that the Republican controlled

Senate will block the removal of the President in early '20. T-Notes a touch

higher post-votes, +0-04 at 128-09+, light bull flattening on curve.

- Aussie bonds took a hit on the back of the local labour mkt report, which

showed a solid bounce back in headline jobs growth after last month's fall,

facilitating a modest downtick in unemployment as participation held steady. The

details weren't as upbeat, gains were largely driven by part time jobs & the

prior headline was revised deeper into -ve territory. That being said, the RBA

will take the fall in unemployment & now look to the Dec report for more

clarity. Elsewhere, underemp. & underut. eased. YM -7.0, XM -6.0, off lows.

- JGBs haven't had much to go off, with nothing of note to shock the space in

the statement that accompanied the final BoJ decision of 2019. Futures hovering

just below the overnight session lows, but lack any real conviction, last -16,

with the belly underperforming at the margin in cash trade.