The unanimous adoption of a bill.......>

BOND SUMMARY: The unanimous adoption of a bill that aims to support the Hong

Kong protests by U.S. Senate and subsequent words of condemnation from the

authorities of Hong Kong and, most importantly, China inspired two respective

rounds of safe haven buying. Concerned about implications for U.S.-China trade

talks, participants remain on the lookout for any material retaliation from

Beijing. Tensions around the Hong Kong bill have overshadowed the PBoC's LPR

fixing, which saw the 1- & 5-Yr rates trimmed by 5bp each, as widely expected.

- T-Notes trade +0-10 at 129-24. Cash Tsy yields trade 2.9-3.8bp lower across

the curve. Eurodollars 0.75-4.0 ticks higher through the reds.

- JGB futures finished the morning session at 153.39, +9 ticks vs. settlement.

Cash yield curve has bull flattened a touch. Japanese trade surplus was

considerably narrower than exp. Focus turns to the upcoming 20-Year JGB supply.

- Aussie YM +1.0 & XM +4.0. The yield curve runs flatter, with yields sitting

0.3-4.8bp lower. Bills trade -1 to +2 ticks through the reds. Australian skilled

vacancies fell for the 10th consecutive month in Oct. The AOFM tapped the mkt

for A$800mn worth of 2.50% 21 May 2030 ACGB, the auction was well received.