U.S.-China tensions have remained......>

BOND SUMMARY: U.S.-China tensions have remained the main point of interest, but

core FI have been happy to hold familiar ranges. The meeting of China's National

People's Congress got underway and as many have anticipated the officials have

omitted a 2020 GDP target and reiterated familiar party line re: Taiwan & Hong

Kong.

- T-Notes trade 0-01+ at 139-03+, with curve running marginally lower and

flatter. Eurodollars trade unch. to +0.5 tick through the reds.

- JGB futures sit at 152.38, +2 ticks vs. settlement & off earlier highs. Cash

yields mostly sit lower, with belly underperforming. Japan's core CPI turned

negative for the first time since 2016. Elsewhere, the BoJ left its main MonPol

settings unchanged during today's emergency meeting & instead announced a new

special lending facility.

- In Australia, YM -1.0 & XM +1.0, while cash curve has underwent a modest twist

flattening. Bills last seen 2-4 ticks lower through the reds. The AOFM auctioned

A$2.0bn worth of ACGB 0.25% 21 Nov 2024 today. Rating action drew some

attention, as Fitch revised Australia's AAA rating outlook to negative.