The space has pulled back from its.....>

AUSSIE BONDS: The space has pulled back from its SYCOM/SFE opening highs, with

the 3-Year future last at 97.925 (+1.0 tick) while the 10-Year future last

trades at 97.26 (unch)

- The moves have largely tracked Tsys after US President Trump announced his

trade tariff plans in the metals space, which led to broad risk off sentiment.

- US yields have ticked up since the reopen, with Aussie yields also off lows.

- The domestic 3-/10-Year curve has steepened thus far, with the yield

differential 1.1bp higher at 68.7bp, while the AU/US 10-Year spread has

compressed this morning, last sitting 4.4bp tighter at 6.9bp.

- The white pack of the bill strip is largely unchanged but a block buyer of

IRM8 was noted earlier.

- ANZ suggest that "today should see the AUD yields move lower. Semi-Gov't bonds

should perform, following the announcement of the Federal Gov't buying stakes in

Snowy Hydro from NSW & Victoria."

- Risk events in the session are limited, with focus set to fall on the BoJ's

Rinban ops. Markets await any response from China to Trump's tariffs.