The space looked through slightly......>

AUSSIE BONDS: The space looked through slightly stronger than expected retail

sales data & a better than expected China Caixin Services PMI print in the midst

of a relatively tight, low conviction Sydney session. YM -1.0, XM +2.5, with

focus on the broader market impetus, as the futures curve twist flattens.

- Cash trade has seen 10s outperform longer data paper, with 30s now

underperforming on the curve, with an ACGB '51 syndication formally included in

the AOFM's issuance intentions (set to be syndicated before the end of

September). All in, the AOFM's guidance was a touch light vs. previous

intentions, although there was maybe 1 extra syndication vs. broader exp.

- Sino-Aussie tensions remain elevated, whether that be via tariffs on

Australian beef exports, or matters surrounding Hong Kong.

- Bills sit unchanged to 1 tick lower through the reds.