The space has backed away from the.....>

AUSSIE BONDS: The space has backed away from the late SYCOM highs on the

watering down of Chinese junior ministers choosing not to visit U.S. farmlands

on Friday, as well as the generally positive tone of the official statements re:

the latest trade meetings. Whether or not these hopes will prove to be

well-founded is another matter. Elsewhere, geopolitical worry is providing some

support to global FI. YM unch., XM +1.0, leaving YM/XM at 29.5 and the cash

equivalent at 26.5bp. Bills -1 tick to +2 ticks through the reds.

- The latest round of flash CBA PMIs saw the m'fing sector move into

contractionary territory, while the services sector managed to expand, allowing

the composite reading to move back into expansionary territory. On the labour

market, CBA noted that "companies showed a reluctance to take on additional

staff."

- A$500mn worth of ACGB 2.75% 21 Nov 2029 supply is due later today.

- As a reminder, RBA Gov. Lowe is set to speak tomorrow, with the address coming

in the wake of a "dovish" set of meeting minutes & an uptick in the unemployment

rate. This has left IBs pricing an ~80% chance of a cut from the RBA next week.