The beginning of Lunar New Year has....>

BOND SUMMARY: The beginning of Lunar New Year has dented activity. On the news

front, updates re: China's coronavirus remain closely watched. Elsewhere, RTRS

pointed to Jan 29 as a potential signing data for the USMCA pact. T-Notes

range-bound, last trade +0-01 at 129-26. Cash yields trade marginally higher

across the curve. Eurodollars trade -0.5 to +0.5 tick thru reds.

- JGB futures last trade -4 ticks vs. settlement at 152.32. Yields are

marginally mixed in cash trade. The local data of note included CPI

(accelerated, headline reading more than expected) and flash Jibun Bank PMIs

(improved, with services & composite indices returning to expansion).

- In Australia, YM is unch. & XM +2.0. A degree of twist flattening crept into

the cash yield curve as Westpac pushed their RBA easing call to Apr from Feb;

this has moderated since but the curve still runs flatter. Bills trade -1 to +1

tick through the reds. CBA released their flash PMI readings for Australia, all

three of them slightly softened. Across the ditch, NZ CPI provided marginal

beats vs. exp. The AOFM released their weekly issuance schedule, a summary can

be found in an earlier bullet.