T-Notes have pushed higher, taking.....>

BOND SUMMARY: T-Notes have pushed higher, taking out yesterday's highs, as S&P

500 e-minis broke below 3,100 and continued to lose altitude. Wider risk-off

feel has remained intact, even as coronavirus case counts in China and Beijing

moderated a touch. T-Notes last trade +0-07 at 138-26, near session highs. Yield

curve has undergone some bull flattening in cash trade. Eurodollar futures last

seen unch. to +1.0 tick through the reds.

- A dire jobs report out of Australia provided a fresh impetus for local FI

space, with XM extending gains to new session highs. YM +0.5 & XM +4.0 as we

type. Yield curve has twist flattened somewhat. Bills sit unch. to +2 ticks

through the reds. The aforementioned labour mkt data was weak across the board,

with a drop in employment coupled with a surprise fall in participation pushing

the unemployment rate higher than expected.

- JGB futures have crept higher on the back of the broader risk-off impetus and

last trades at 152.17, 11 ticks above settlement. Cash JGB yields are lower

across the curve. Focus is on the upcoming 5-Year JGB supply.