U.S. President Trump's announcement....>

BOND SUMMARY: U.S. President Trump's announcement that he will hold a press

briefing on China Friday inspired a mild defensive feel in early Asia-Pac trade,

with U.S. equity index futures in retreat. While these dynamics remain,

month-end flows are in focus on the last Asian working day of May.

- T-Notes have crept higher and last trade +0-06+ at 138-27+. Yields trade

0.6-1.6bp lower across the curve, with 5s & 7s marginally outperforming.

Eurodollars trade -0.25 to +1.0 tick through the reds.

- JGB futures last seen at 152.27, -3 ticks vs. settlement. Cash yields sit

lower, save for 7s, as belly slightly underperforms. The BoJ conducted 3-5, 5-10

& 10-25 Year Rinban ops, leaving purchase sizes unch. across all three baskets.

The usual Japanese month-end data dump was a mixed bag, with beats in Tokyo CPI

& unemployment coupled with misses in retail sales & flash industrial output.

- In Australia, YM -0.5 & XM unch. Cash yields mostly sit a touch higher, save

for 5s. Bills trade unch. to -1 tick through the reds. The AOFM sold A$1.0bn

worth of ACGB 3.25% 21 Apr 2025 and focus turns to Australia's private sector

credit data, due shortly.