T-Notes drifted lower in early Asia....>

BOND SUMMARY: T-Notes drifted lower in early Asia trade, stabilising since,

consolidating the late session pull back from highs that was seen on Monday.

That leaves the contract -0-09 at 131-02+. A move lower in China's daily new

Coronavirus case count (with new cases in Hubei province moderating to lowest

levels since the start of Feb) as well as a continued uptick in recovery #s

evident, outweighed the uptick in the death toll (at least from a market

perspective). Elsewhere, U.S. President Trump lamented Fed policy under Powell,

contained nothing new, markets were not phased. Upticks in U.S. equity index

futures to fresh all-time highs also kept some pressure on T-Notes. Flow ltd,

with cash Tsys closed in Asia hours, on the back of a Japanese holiday.

- Much stronger than exp. domestic building approvals data applied modest

pressure to Aussie Bonds, with the broader risk-on feel adding modest weight, YM

-2.0, XM -1.0. Bills 2-4 ticks lower through reds. Looking into the details of

the latest NAB biz survey; the employment outlook indicator moderated to 0.8

from 4.3 (not the best sign for the RBA). Labour cost index was steady at 0.9

for a 4th straight month. Biz conditions unch. at 3, confidence -1 vs. -2 prev.