Risk-off has been the main theme.......>

BOND SUMMARY: Risk-off has been the main theme this morning, with global trade

concerns still lingering ahead of tomorrow's resumption of US-China trade talks.

Weekend headlines have focused on a reported push from the US to remove the WTO

"developing country" status from several countries including China and South

Korea.

- The market is also looking forward to a busy week for central banks with the

BoJ meeting in the upcoming Asian session, the FOMC meeting on Wed and the BoE

announcement due Thurs. The FOMC meeting will obviously be the key, with the

vast majority expecting a 25bp cut, so the key will be to watch changes to the

forward guidance and Powell's tone in the press conference. The BoE meeting will

be watched closely for any more clarity on policy under different Brexit

scenarios.

- This week also sees heavy EGB issuance, but against a background of even

heavier redemptions and large coupons coming back to the market.

- TY1 futures are up 0-4+ today at 127-11+ with Bund futures up 0.25 at 174.46

and gilt futures up 0.23 at 132.31.