The major bond futures ticked lower....>

AUSSIE BONDS: The major bond futures ticked lower overnight, with the risk-on

feel spilling over into U.S. trade. Early SFE price action has seen futures off

overnight lows, with some cautious trade war headlines noted ahead of todays

local risk event, the RBA decision (for our preview please use the below link).

- Link: ttps://emedia.marketnews.com/RBA_Preview_Nov_2019.pdf

- An AFR interview with Treasurer Frydenberg saw him note "that while underlying

inflation had been below the target for 15 quarters, he still expected it would

return to its target over the 'medium term'. He also ruled out forcing the RBA

governor to explain any undershooting or overshooting of the inflation target in

a letter to the Treasurer, as is required of the governor of the Bank of

England."

- YM -1.0, XM -2.0, YM/XM dealing at 36.5 and the cash equivalent at 35.3bp.

- Bills unch. to 1 tick lower through the reds.

- Worth flagging that the latest AiG Services PMI print showed a notable uptick

in the rate of expansion (54.2 vs. 51.5), while the final CBA Services &

Composite PMI's were a touch softer than their respective flash estimates.