Not much doing for U.S. Tsys in........>

BOND SUMMARY: Not much doing for U.S. Tsys in early trade this week, with the

latest round of optimism in e-minis shrugged off by the Tsy space, with the

latter seemingly limited by the ongoing Sino-U.S. tension, despite there being

nothing in the way of concrete retaliation from China re: the recent U.S.

actions against Huawei (granted there has been verbal jousting/source reports

pointing to potential countermeasures). Worth noting that this may just be a

product of the U.S. administration catching China off guard and China needing

some time to respond. T-Notes last unchanged at 139-10+, holding a 0-04+ range

overnight, with yields 0.1-0.5bp richer across the curve.

- JGB futures drew support from a solid 5-Year JGB offering, which pushed the

contract to fresh Tokyo session highs in the afternoon, last +14, as the belly

of the curve unwound its pre-auction concession. Little follow through was seen

on the back of better than expected, but still dismal, local prelim Q1 GDP data.

- Aussie bond futures are back to unchanged after one of the weaker ACGB

auctions in recent times and mixed messaging re: the Sino-Australian

relationship. YM & XM both at unchanged levels after some early weakness.