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The Asia-Pac session was fairly........>

BOND SUMMARY
BOND SUMMARY: The Asia-Pac session was fairly quiet, with little new to move the
mkts. Participants weighed reports suggesting that U.S. Pres Trump will delay
auto tariffs on the EU by 6 months (EU's Juncker pointed to a potential delay a
few days back) vs. continued unrest in Hong Kong & talk of Iran enhancing its
nuclear capabilities. T-Notes trade +0-01+ at 128-14. They ticked higher to
128-17+ as cash Tsy yields reopened on the back foot after a U.S. holiday. The
yield curve bull flattened. Eurodollars last seen up to +1.0 tick thru reds.
- JGB futures sold off, extending losses after a weak 30-Year supply as the low
price missed exp. & cover ratio declined. After a rebound from lows, they sit at
152.76, -27 ticks vs. settlement. Cash yields sit higher across a steeper curve.
Japanese PM Abe mentioned a planned extra budget to tackle econ headwinds.
- Aussie bond futures inched higher, YM +2.0 & XM +2.0. Cash yields trade
2.1-2.5bp lower across the curve. Bills last seen -1 to +2 ticks through the
reds. Little reaction seen to an improvement in NAB business confidence.
Elsewhere, the AOFM auctioned A$100mn worth of 1.0% 21 Feb 2050 I/L ACGB. Across
the Tasman Sea, NZ Q4 2-yr inflation exp. fell to 1.80% from 1.86%. 

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