The rekindled positive impetus in......>

BOND SUMMARY: The rekindled positive impetus in e-minis has seemingly been

offset by the run higher in USD/CNH and/or continued ramping up of Sino-U.S.

tension, leaving T-Notes +0-00+ vs. settlement at 138-31, with the cash curve

twist flattening at the margin.

- Aussie bond futures have held a relatively tight range, YM unchanged and XM

-0.5 on the day, with the latter edging away from lows as we ground through the

session. ACGB '30 supply passed smoothly, with Q1 completed construction work

having little impact on the space.

- JGB futures sit 11 ticks lower on the day, a little off the early afternoon

lows, with continued focus on the aforementioned supplementary fiscal

budget/issuance matters (source report details on the matter are available in

earlier bullets).