U.S. President Trump drove risk-off....>

BOND SUMMARY: U.S. President Trump drove risk-off price action overnight, as he

stated that "China broke the deal" and "they will be paying." This was followed

up with "China looted our country for years, whatever happens with trade talks

happens, don't worry about it, it will all work out," which saw a chunk of the

initial risk-off moves retraced, before they resumed ahead of the Chinese trade

delegation touching down in Washington later today. T-Notes last deal at

123.28+. The belly has outperformed in the cash space. 10-Year cash Tsy yields

last 2.464%. Eurodollar futures trade 0.5 to 2.5 ticks higher through the reds.

- In the Aussie bond space, YM +1.5 ticks, with XM +1.5 ticks. YM/XM last trades

at 47.0 ticks, with the cash equivalent at 43.3bp. Bills trade unchanged to 3

ticks higher through the reds.

- JGB futures last deal 1 tick higher, with yields little changed across the

curve at writing. Modest flattening had been seen earlier in the day. The BoJ

left the size of its 5-10 Year Rinban operations unchanged, while BoJ Governor

Kuroda offered little new in his latest address.

- German FI relatively unchanged; Schatz unch, Bobls +3.0 ticks, Bunds +8 ticks.