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The news flow was replete with USMCA...>

BOND SUMMARY
BOND SUMMARY: The news flow was replete with USMCA headlines as negotiators from
the U.S., Canada and Mexico are set to meet on Tuesday to try and pin down the
USMCA trade deal. Meantime, the White House is trying to convince the Democrats
to approve the pact in Congress. House Speaker Pelosi noted that the deal is
close but "not quite finished yet." An earlier flurry of duelling headlines
allowed T-Notes to open a touch higher, but they have eased off since; they
trade +0-01+ at 129-00+. Cash yields have ticked higher, albeit very marginally.
Eurodollars last seen -0.5 to +1.0 tick through the reds.
- JGB futures tested y'day's low of 152.18 and extended losses upon the breach
of the lvl; the psychological 152.00 barrier has limited the sell-off for now.
The paper trades at 152.04, -22 ticks vs. settlement. Cash JGB yields mostly
trade higher, with 10-Year yield now in positive territory. This occurs even as
the Nikkei 225 is in the red. The MoF will auction 5-Year JGBs later today.
- Aussie YM +1.0 & XM +2.0. Yield curve is flatter, with yields 1.1-2.5bp lower.
Bills are unch. to +3 ticks thru reds. Little to no reaction noted to local
house price data & NAB biz. conf. The AOFM sold the 0.75% 21 Nov '27 I/L Bond.

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