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Thursday's Asia-Pac session was one....>

BOND SUMMARY: Thursday's Asia-Pac session was one of consolidation for core
global FI, with participants still digesting the Sino-U.S. trade deal, which
underwhelmed upon its signing/release of details on Wednesday. U.S. VP Pence
suggested that discussions on the phase 2 deal have already begun. This is
interesting, given that China's state media suggested that China will not
immediately negotiate the phase 2 U.S-China trade deal. T-Notes held a tight
range, last -0-00+ at 129-10+, with the cash curve experiencing some modest bear
steepening. Eurodollar futures print unchanged to 0.5 tick lower through the
reds. Worth flagging a 20.0K block buyer of the EDH1 98.625/98.875/99.000 broken
call tree in Asia hours, building on similar flow in recent Asia sessions.
- JGB futures held a very tight range, last 8 ticks above settlement levels.
Contract came under light pressure as the offer to cover ratio in the BoJ's
latest round of 5-10 Year Rinban ops jumped, although spreads narrowed from
prev. ops, moving into negative territory. Belly of curve still outperforms.
- Aussie bond futures failed to break their SYCOM highs, YM +2.0, XM +3.0 last.
Bills unchanged to 1 tick higher through the reds.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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