U.S.-China squabbles over a Xinjiang...>

BOND SUMMARY: U.S.-China squabbles over a Xinjiang bill passed by the House of

Representatives inspired only brief upticks in core FI space, as headlines

provided no surprises and participants seemed happy to sell into that modest

move higher without further ado. T-Notes trade -0-07 at 129-26, just above

session lows. The yield curve runs slightly steeper and sits a bit higher.

Eurodollars trade 1.0-3.0 ticks lower through the reds.

- JGB futures slid to 152.72, but still operate 18 ticks above settlement. Cash

yields are broadly lower across the curve, with the longer end outperforming.

There has been no reaction to the local Jibun Bank services & composite PMIs.

- Australian GDP data provided a modicum of support to the space, as the Q/Q

measure missed expectations, while a soft household consumption figure called

into question the supposed avail of tax cuts and higher house prices. Australian

YM trades +6.5 and XM +11.0 ticks. Cash yield curve has bull flattened, with

yields trading 5.9-11.3bp lower. Bills last trade unch. to +7 ticks through the

reds. Little to no follow-through from the 3.25% 21 April 2029 ACGB supply.