Struggling Asia-Pac equity markets.....>

BOND SUMMARY: Struggling Asia-Pac equity markets have provided some support to

core FI space, with a particular focus on China. There is some concern over

liquidity, as China has entered its last trading day before the Lunar New Year

holidays. Updates on the coronavirus situation continue to capture attention.

- Aussie bond futures sank on the bank of stronger than expected headline jobs

growth, although this was driven purely by the part-time component. In

combination with steady participation, it brought the unemployment rate lower,

to 5.1% from 5.2%. YM last -4.5 & XM -1.0. Yields trade -0.5bp to +4.1bp across

the curve, twist flattening evident. Bills last trade 3-6 ticks lower thru reds.

- T-Notes trade +0-03+ at 129-21, with yields sitting 1.2-1.9bp lower in cash

trade. Eurodollar futures last seen up to 1.5 tick higher through the reds.

- JGB futures finished the morning session at 152.28, +16 ticks vs. settlement.

Cash yields sit slightly lower across the curve. Little attention was paid to an

in-line trade balance reading, underpinned by weak internals. During today's

round of 5-25+ Year Rinban ops, the BoJ left all purchase sizes unchanged.