USTs have whipsawed following the US...>

BOND SUMMARY: USTs have whipsawed following the US decision to raise tariffs on

USD200bln of Chinese goods. Conflicting perceptions of the direction of travel

for US-China trade talks is keeping USTs rangebound for now. TYM9 has traded

sideways through the morning and is currently skirting yesterday's close.

- The Jun-19 bund future has been under some pressure, trading down 21 ticks to

166.05

- Italian retail sales and industrial production data for March came in below

expectations. BTPs have rallied with yields 1-2bp lower on the day and the curve

~1-2bp flatter.

- Gilts trade mixed this morning, with yields near yesterday's close. Current

yield levels: 2-year 0.731%, 5-year 0.860%, 10-year 1.129%, 30-year 1.662%.

- US CPI and earnings data for April will be published this afternoon.