Trump Executive Orders Support Core FI

The delivery of U.S. President Trump's Executive Order re: bans for both TikTok & WeChat unless they are sold by their parent companies within 45 days supported the Tsy space in overnight trade, however, the move was limited, given the suppressed outright levels of Tsy yields across the curve and the lack of surprise re: the declaration. T-Notes last +0-03+ at 140-08+. Curve has bull flattened with yields print 0.4-2.4bp richer across the curve in cash trade.

• JGB futures moved back towards overnight highs in the wake of the story, last +8, with 2s outperforming in cash trade, with richening seen across the curve. Local data was better than expected, with BoJ Rinban ops covering 1-3 & 5-10 Year JGBs providing little impetus for the space.
• Aussie bonds flattened, in sympathy with moves in Tsys. The RBA's SoMP and subsequent commentary from RBA's Ellis provided little to shock. YM prints unchanged, with XM +3.0.