Price action within the core FI........>

BOND SUMMARY: Price action within the core FI space has been subdued in early

trade, with Japan observing a market holiday today. There have been no major

data releases so far, while news wires have generally stayed rather quiet.

- T-Notes last trade -0-02+ at 127-01, with Eurodollar futures last seen

unchanged to 1.0 tick lower through the reds. Some very light pressure to

T-Notes was observed as RTRS reported that "the U.S. may approve licenses for

companies to re-start new sales to Huawei in as little as two weeks." Cash Tsys

are not trading in the Asia session, owing to the aforementioned holiday in

Japan.

- Australian YM last sits 1.5 tick lower, with XM 1.0 tick lower. Yields are

1.1bp to 1.8bp higher across the curve. ACGB 2.75% 21 May 2041 supply is due at

the top of the hour. After the auction, Australian focus will turn to Chinese

GDP data, which is expected half an hour later.