The space has benefitted from the......>

AUSSIE BONDS: The space has benefitted from the broader risk off tones, although

outright bond futures trade off of session highs. 3-Year Bond futures last trade

at 97.830 (+5.0 ticks), while 10-Year Bond futures trade at 97.330 (+4.5 ticks).

The downtick from highs was probably a result of the first round of Chinese

reciprocal tariffs on US goods totalling USD3bln, well short of $50bln imposed

on China by the US. 

- The domestic curve has continued to grind flatter, with the 3-/10-Year yield

differential last 1.7bp flatter at 57.2bp, while the AU/US 10-Year spread has

narrowed to -14.4bp.

- 3-Month BBSW fixed 1bp higher again today, with the IRM8 contract last trading

unchanged, while the remainder of the white-red contacts are 1 - 3 ticks higher

across the board, but much like the Bond futures off of highs.

- It is a quiet end to the week on the domestic front, with focus set to fall on

the broader risk tone & 4 Fed speakers in US hours.