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Trade war headlines dominated the......>

BOND SUMMARY: Trade war headlines dominated the airwaves in Asia, with little
notable news flow elsewhere. Firstly, Pres. Trump provided a gesture of goodwill
to China in the form of a 2-week delay to the next round of tariffs to be levied
on Chinese goods. This was followed up by a BBG report suggesting that "China
may allow companies to resume purchases of U.S. agricultural products in a show
of goodwill ahead of upcoming trade talks between the two countries."
- T-Notes last -0-08 at 129-21, just off session lows, while the belly of the
curve underperformed in cash trade. Eurodollar futures sit 0.75 to 4.0 ticks
lower through the reds.
- Aussie bond futures were contained, with roll activity and the trade war
headlines dominating. YM -2.0, XM -2.5. Bills are 2-3 ticks lower through the
reds excl. IRU9.
- JGB futures are 2 ticks worse off, with the cash curve steepening as the
super-long end underperforms in afternoon trade after the offer to cover ratio
in the latest round of 25+ Year BoJ Rinban operations moved higher, although the
average spread narrowed.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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