T-Notes saw choppy trade on strong.....>

BOND SUMMARY: T-Notes saw choppy trade on strong volume during Asia-Pac hours,

with continued hard-line rhetoric from Pres. Trump, after he outlined the latest

round of tariffs to be levied on China, and with an impending announcement from

the President re: EU trade matters underpinned. T-Notes have struggled for fresh

momentum above Thursday's late highs, with yields across the curve seemingly

reluctant to break through the fresh cycle lows that were set on Thursday, at

least thus far. NFPs present the key risk event on Friday. T-Notes last +0-02+

at 128-24+, with yields 0.6-2.2bp lower across the curve, bull flattening.

- JGB futures extended on the overnight session rally, to last deal 41 ticks

above settlement, with the curve bull flattening. The BoJ left the size of its

10-25+ Year & JGBi Rinban operations unchanged.

- Aussie bond futures were largely driven by Tsys, looking through local data

and a soft 10-Year ACGB auction. YM last +9.5, with XM +12.0, contracts still

shy of their overnight highs. Curve sits flatter than on the day. YM/XM deals at

38.0, with the cash equivalent at 33.9bp. The AU/U.S. 10-Year yield spread still

hovers around the -80bp level. Bills sit 2-9 ticks higher through the reds.